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By: Robert Clancy

Bank of Canada leave prime/variable rate unchanged

The Bank of Canada meet today to discuss the economy and future of interest rates. As expected the prime/variable interest rate remained unchanged (bank overnight lending rate 1.00% and retail rate still at 3.00%). A strong loonie and has kept inflation in check which is the driving force behind higher interest rates. The Bank of Canada gave no indication of increasing rate over the short term. Next meeting is May 31^st. This is great news for the mortgage financing markets. With variable rates as low as 2.25% this is a great time to be purchasing a new property or refinancing an existing mortgage to get a better interest rate.

Today’s Interest Rates

In todays Mortgage Financing Market mortgage rates are changing constantly. Today mortgages rates are based on so many different variables, it is impossible for an adviser to give a true rate quote without actually reviewing the borrower’s application first.

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BANK RATES	TERM	OUR RATES
3.89	1-YEAR	1.99
3.89	2-YEAR	1.69
3.39	3-YEAR	1.69
3.89	4-YEAR	1.74
5.34	5-YEAR	1.99
6.00	7-YEAR	3.95
6.10	10-YEAR	3.95
5.34	Variable (3yr-closed)	3.2
5.34	Variable (5yr-closed)	1.8
5.34	Variable(Open)	2.95