January 2024- Bank of Canada Rate Update The Bank of Canada has NOT increased its overnight rate, keeping its rate at 5%, prime rate with most banks remains at 7.20%. In its statement, the Bank said " discussion about future policy is shifting from whether monetary policy is restrictive enough to how long to maintain … Continue reading BANK OF CANADA RATE UPDATE – JANUARY 2024
Tag: interest rates
In the past year we have seen fixed mortgage rates jump by 3% from the record low rates we had during the pandemic. At the same time variable rate holders have also seen substantial changes to their mortgage interest rates with the Bank of Canada increasing rates over 2% since its first increase back in … Continue reading Fixed Rates and Bond Yields
Lets dig a little deeper to understand variable rate and fixed rate so that you can decide which is best for you. Note, these mortgages referred to in this post are closed mortgages, which is what most Canadians have their mortgage in as the interest rates are the lowest. First understand that a mortgage payment, … Continue reading Fixed VS Variable- Which is right for you?
Why are interest rates increasing so rapidly? If you own a house or have been thinking about buying, rising interest rates is a hot topic. The 'interest rate' in question is the Bank of Canada's (BoC) policy interest rate, also known as the target overnight or benchmark interest rate. Changes in the BoC policy interest … Continue reading Why are the Bank of Canada Interest Rates Increasing?