Tuesday, June 01, 2010

Bank of Canada Prime Rate and Mortgage Interest Rates Increase today

The Bank of Canada announced a .25% increase in their prime rate today June
1, 2010. Thus the Bank of Canada prime rate increased from 0.25% from 0.5%

Banks are currently charging 2% premium on this Bank of Canada Prime rate.
This means the bank prime has now increased to 2.25% from 2.5%

Variable mortgage rates will increase immediately and short and long term
rates are likely to follow in the short term.

If you are interest rate sensitive, it may be the time to lock in your rate.

If you are like me, ride the wave on variable rate mortgages, could be a
while before bank prime rises to 4.5%

All the best!

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