Bank of Canada Raises Interest Rate by 0.25%
Bank of Canada (BOC) announced interest rate increase this morning by 0.25%.
That means the current mortgage prime rate of 3.45% will soon by 3.70% for most of the lenders.
For those of us who have variable rate mortgages, we should expect to receive a letter in early August from lenders to notify us of such changes.
If you are wondering whether to lock in your variable rate or not, please reach to us for a consultation.
Bank of Canada Holds Interest Rate Steady
While the anticipations are for the interest rate to go up, Bank of Canada has taken a conservative approach and announced to maintain the overnight lending rate at 1.25%.
The next interest announcement date is May 30th and we yet to find out whether the rate hike is going to happen.
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