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17 Jan

Bank of Canada Raise Overnight Rate

General

Posted by: Angela Calla

The Bank of Canada has raised it’s key lending rate .25% as we had projected it would in our previous email. This is the 3rd increase it has moved its benchmark rate from the once record lows last summer. Bank prime¬†will follow to 3.45% (TD has a higher prime presently)¬†The impact for borrowers is approx $13 per 100k in mortgage amount. If you have a mortgage rate of prme minus.50 this means your new rate will likely be 2.95%.

Here is the full release from this morning, and an articles to note.

https://www.bankofcanada.ca/2018/01/fad-press-release-2018-01-17/

http://www.cbc.ca/news/business/prime-interest-rate-increases-1.4201403

If you have any questions on reviewing your lock in optons or starting to secure your options for an upcoming renewal kindly contact us to help you 604-802-3983 or callateam@dominionlending.ca

The Angela Calla Mortgage Team gives you clarity on the best mortgage by being transparent, unbiased free mortgage advice with choice. We are here to help you personally with your mortgage.