Bank of Canada Prime Interest Rate
In these current economic times, the Bank of Canada has made it official that their rate will be at their lowest level in over 10 years. The Bank of Canada’s target rate for their base interest rates is currently the wholesale interest rate which the Bank of Canada sets for all the big financial organizations to use whenever lending you-the borrower, one-time funds. Every time that a large amount of money from one person to another is borrowed, this will normally be at a higher interest rate than the rate that is being offered to the average person. This is due to the fact that larger sums of money are being lent out compared to the previous few months.
In order to find out what the prime rate for lending is, you need to go online and look for a site that offers this information. Then you should fill in all your banking information so that you can have everything that you need to get the best possible interest for your account. Most of these types of sites will let you customize what kind of account you would like to open, and then you will select what type of lender that you would like to use.
For example, if you wanted to set up an account with a bank that does not accept cheques as well as credit cards, you may want to look at those sites that do allow cheques. If you need to get a good interest rate on a card, you will want to look for those that will also offer you a zero percent introductory rate on the first twelve months of your account. You will find that with the right lender and the right account, you can easily improve your financial outlook.
Bank of Canada Prime Interest Rate Announcement May Unsettle Market
In late September, the Bank of Canada issued a research note stating that they are expecting two factors to affect their rates in the not so distant future. These two events are the start of september and march. September has traditionally been a better month for lending, but it is unknown if the Bank of Canada will raise their base rate by six basis points when the september rate goes up. We will have to wait and see.
It appears that the big six banks have decided to wait and see what the government’s stimulus package will do to help stimulate the economy. With no hike in base rate expected anytime soon, the six major institutions have taken a wait and see attitude with the federal government on the big money rate cut. This may be prudent, as there is still no indication on where the bank of Canada is with respect to stimulating the economy. The bank of Canada is holding their fire waiting for the government to give them direction on how to proceed with the mortgage market rate cut.
Should the Bank of Canada pull the trigger on their long held plan to reduce the mortgage rate, it will put a great deal of pressure on the government to either remedy the situation now or face higher charges in the months ahead. Should the government opt to remedy the situation before the July quarter opening, this could be the beginning of a significant rise in interest rates. If you are concerned with your financial future, do not hesitate to get in touch with a skilled financial advisor. They can help you find the path to a healthier financial picture through careful planning and a sound financial investment strategy. An expert can guide you through the process of finding the ideal Bank of Canada mortgage rate that will help you attain your long term and critical goals.