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Bank Of Canada Increases Rate!! |
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Good Morning,
The Bank of Canada increased the overnight rate as expected today by .25%. However, in his address Mark Carney stated that he is revising his overall expectation for growth in Canada, citing that the economy will not reach full strength until late 2011. The change to his forecast is largely based on the effect European austerity programs will have a dampening effect on the world’s overall economic performance. He also hinted that this increase may be the last for a while; “Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.”
A full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 22 July 2010. The next scheduled date for announcing the overnight rate target is 8 September 2010.
Today’s Best Rates:
1 year 2.50% 2 year 2.90% 3 year 3.19% 4 year 3.85%* 5 year 3.95%* 7 year 4.80% 10 year 5.00%*
Variable Prime less .70% * Prime 2.75%
Rates marked with an * are rate specials and may have special conditions attached.
Enjoy your day!
Thank you, Paula Siemens -AMP
INVIS - SIEMENS GROUP
902-777 West Broadway Ave.
Vancouver, BC V5Z 4J7
Ph:604-351-7438 x 4
Fax:604-648-9106
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Mortgage Up-Date
Blog by Karen Ashby | July 20th, 2010
