Bank of Canada Stands Pat on Key Rate
The Bank of Canada announced this morning that it will leave its key interest rate unchanged, as anticipated by most economists.
In its statement the Bank commented that its current key policy rate “is consistent with achieving the inflation target over the medium term.â€Â The Bank forecasts that the Canadian economy will grow by “2.6% in 2007, 2.3% in 2008, and 2.5% in 2009,†and that inflation will “return to 2% in the second half of 2008.â€
As a result of this decision, lending institutions in Canada are expected to keep their prime lending rate steady. However, people looking for a new variable-rate mortgage should note a recent mortgage rate trend – pricing on this type of mortgage has been adjusting upwards in recent weeks. Existing variable rate mortgages do remain unchanged but new variable borrowers are paying more.
If you would like to discuss how current trends in mortgage rates impact the best mortgage strategy for you, contact an Invis Mortgage Consultant. He or she can obtain a mortgage pre-approval if you’re wanting to buy a home – with a “rate hold†of up to 120 days, you will know how much you can afford. Another starting point is the www.invis.ca website, where you will find a number of calculators that allow mortgage holders and prospective home buyers to examine different financing scenarios in more detail.
About Invis
Invis is Canada’s largest mortgage brokerage firm with a national team of over 800 mortgage consultants. Invis Mortgage Consultants provide unbiased financial analysis, mortgage sourcing and mortgage advice for both first time homebuyers and repeat buyers. Invis arranged more than $6 billion in mortgages in 2006.
————————————————————————————————–———-
Contact the Jeffrey Team for more information - 416-388-1960
