The Bank of Canada has made it clear it intends to run its own course when it comes to interest rates. Its latest policy announcement all but stated it is looking to start making increases by the end of this year.
A number of factors stand between the Central Bank and its willingness to raise rates: weaker than expected job numbers in the U.S., lower than expected inflation in Canada and simmering concerns about Eurozone debt.
Off the radar for the past several weeks, Europe is returning as an ominous blip. People simply aren’t prepared to accept the austerity measures they’re told are necessary. In Spain debt continues to get more expensive. If a Greek-style bailout becomes necessary it would clean-out the E.U.’s rescue fund. In France the anti-austerity Socialist candidate has won the first round in the presidential election. And in the Netherlands the prime minister has resigned over his inability to win support for an austerity budget.
All that being said, a couple lenders have increased their market leading low rates this week. No signs of wide spread rate increases occurring. More like some lenders adjusting their rates back into the competitive fold. It’s not an uncommon tactic that lenders hold out lower rates longer than the rest of the pack in an attempt to bring in some new business.
Todays Top Rates
Fixed – 1 year
Fixed – 3 year
Fixed – 5 year
Variable
2.74%
2.94%
3.19%
2.8%
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Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each Wednesday for you to enjoy. Please remember to subscribe to the Spring Realty Insider list to receive new blog post notifications, featured properties and insider access to Toronto’s hottest new developments right to your inbox.
