Tuesday, October 25, 2011

Bank of Canada Prime Interest Rate October 25, 2011

The Bank of Canada announced earlier this morning that they will leave the bank prime rate set at 1.0% This is the prime rate given to banks, not the public.

The prime rate for consumers will remain at 3.0%

This is welcome news for people who hold mortgages or loans or are desiring to obtain a loan, rates will remain low for the foreseeable future.

I wish you all the best!
Mark


PS: The major banks in Canada charge their best customers 2% above the Bank of Canada Prime Rate, which means that the Bank Prime or Prime Rate that we see is now 2.75%

Bank Prime Rate means "best" and this is the rate that banks charge their absolute best customers for loans, which is usually only other lending institutions.

Read more about rates at this page:
http://www.mississauga4sale.com/rates.htm and
http://www.mississauga4sale.com/newsletter/latest_newsletter.htm#bankprime

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