Tuesday, December 07, 2010

Bank of Canada keeps prime at 1%

The bank of Canada has kept it's key lending rate at 1% meaning that bank prime to customers will remain at 3%.

The Bank of Canada feels that the rate will remain unchanged at least until the middle of next year.

Some feel that the bank raised the prime too fast and too high in the middle and end of 2010 and this has kept our economy from growing as fast as it could.

It will be interesting to see how mortgage interest rates react to this recent announcement, stay tuned!

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