Will Bank of Canada Lower Interest Rates

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Will Bank of Canada Lower Interest Rates

On Wednesday, 16 July 2014, the Bank of Canada will announce its decision on the target for the overnight rate. What do you think will happen tomorrow, will Bank of Canada Lower Interest Rates, or will they stay the same, or even go up?

Since September 2010 the Bank of Canada has not changed it’s overnight lending rate, and we must wonder if the rate will be moving up at some point, if not now, when? As the Bank of Canada’s overnight lending rate remains untouched, the Canadian Chartered Banks and other lending institutions maintain their Prime lending rate at 3.00%.

The Governor of the Bank of Canada Mr. Stephen Poloz and his team of advisers working at the Bank of Canada must look at many variables and factors affecting the Canadian economy and based on that decide if it is timely to raise or lower the interest rate.

If we were to make any predictions, it would be towards the decision being one of maintaining the overnight rate the same and not touching it. However, in his previous interest rate announcement Mr. Poloz did give hints that they are not ruling out a rate decrease either.

It will be interesting to see what happens tomorrow. What do you think will happen, will Bank of Canada lower interest rates?

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 Will the Bank of Canada Lower Interest Rates

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Will the Prime lending rate go Up or Down

Will the Prime lending rate go Up or Down

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Will the Prime lending rate go Up or Down

Next week on Wednesday March 6, 2013 the Bank of Canada will be announcing its decision on the target for the overnight rate. This takes place normally at the Bank of Canada’s headquarters in Ottawa Canada. Based on its recent announcements and decisions, many feel that the rate will not change in these uncertain economic times.

What do you think will be the Bank of Canada’s decision next week about whether to touch the rate or not? Share your thoughts in the comments section of this post, and also take our Facebook survey poll at www.facebook.com/trusterramortgage.

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Variable Mortgage Interest Rate

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Variable mortgage rates have for the most part remained low for the past several years, in part due to the fact that the Bank of Canada has not changed its lending rate in two years coming this September. Therefore, although there is a chance that within the next one to two years the variable rate could go up, it won’t change by a whole lot, and could still be a good option for those individuals who don’t mind a fluctuation of interest rates within the long term of their mortgage contract.

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