Rate Update One
BANK OF CANADA RATE UPDATE
The Bank of Canada announced this a.m. that the overnight rate will remain unchanged. Prime Rate will remain at 3.00%, therefore no changes to your variable rate mortgage.
Variable Rate Forecast
Analysts now expect the Bank of Canada to keep the overnight rate unchanged until July this year.
Fixed-Rate Forecast
Unrest in the MIddle East and the price of oil is putting upward pressure on Canadian bond yields.
All major lenders increased fixed rates by .35%. last week.
