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Bank of Canada raises key interest rate


Blog by Nick Swinburne | June 1st, 2010


The Bank of Canada raised it's key interest rate by a 1/4 point today, the first time since 2007.  Most lending institutions are expected to raise their lending rates by 1/4 point. as well - this means an increase in the rate for a variable-rate mortgage.  Fixed rates are not affected. 

Currently available rates include:

Prime: 2.50%
Variable: Prime -0.60 = 1.90%

  1 Year Fixed = 2.60% (posted rate: 3.90%)
  3 Year Fixed = 3.75% (posted rate: 4.95%)
  5 Year Fixed = 4.29% (posted rate: 5.99%)
 10 Year Fixed = 5.25% (posted rate: 6.90%)