The experts have spoken and the common theme for this month’s RateSupermarket.ca Mortgage Rate Outlook is higher margins. Our Panel believes fixed mortgage rates will not change significantly in the next few weeks.
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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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I didn’t bother to ask what a variable rate was, and what it would entail. It took me several years, in fact, to ask that question and really start to wrap my head around the difference in the main ways lenders organize their mortgage rates.
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Yesterday, we told you how the rate of inflation affects interest rates. While it is important to understand how inflation works, there are several other indicators that are important to watch that also affect mortgage rates in Canada.
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The Bank of Canada is Canada’s central banking authority. Created in 1934, it is the only issuer of bank notes in the country. Every seven years, the Bank’s Board of Directors appoints the Governor of the Central Bank. The Government of Canada cannot remove the Governor from office, making the central bank an autonomous organization. Contrary to popular thinking, the Bank of Canada doesn’t actually set the Canadian Prime Rate.
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