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It was no surprise this morning when the Bank of Canada announced that they would maintain their Key Overnight Lending Rate at 1.0 percent. The Bank of Canada highlighted a number of reasons for keeping interest rates low.
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It’s been a wild two weeks on the markets. Triple digit swings have left investors wondering where to put their money.
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It’s a promise from Ben Bernanke. He will leave interest rates near 0 percent until at least 2013. For the first time ever, the head of the Federal Reserves admits the U.S. economic recovery has stalled and he will do anything to get it started again. The world order has changed dramatically in the last seven days. This is what’s happening.
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RateSupermarket.ca’s expert panel believes rates will stay low until the fall. You can’t rush a recovery – no matter how hard you try. With some of the world’s largest economies still struggling, the Bank of Canada is waiting patiently before making a move to increase interest rates which will also cause variable mortgage rates to rise. Fixed mortgage rates, on the other hand, will stay low as homebuyers retract from the market.
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The Bank of Canada met this morning and as many experts predicted, including our Mortgage Rate Outlook Panel members, the key overnight lending rate will stay where it is at 1%. This means that the Prime Rate is also unchanged at 3%, and that variable mortgage rate holders don’t have to worry about payment increases just yet.
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Want to know what the outlook is on mortgage rates for the next 30 to 40 days? Our panel of mortgage experts share their views on Canadian Mortgage Rate Trends.
Panel Consensus
February 2012
