According to last week announcement, The Bank of Canada has kept holding its key interest rate steady for the seventh time, there are things that can affect the ongoing straight and unchanged rates like, as you know that “the economy’s structural adjustment to the oil price shock continues,” and the wildfires in Alberta will cause a weaker than predicted second quarter, although it is expected that the Canadian economy will rebound in the third quarter when oil production will resumes and reconstruction begins.
While looking outside of Canada as justification; it is expected that the growth in the global economy is evolving in due course while the American economy is returning to solid growth. Canadian inflation is evolving as anticipated. In the light of the above, the Bank of Canada judges that the current stance of monetary policy is appropriate and to keep a hold on the key rate.
All that means, you are enjoying stable interest rates for the seventh time, it will not make any effect on interest rates over your personal loans and credit products. If you’re looking to get a mortgage loan, you should contact your favourite mortgage lender or broker to receive their short-term rate promotions that are sometimes not posted online due to short term availability, the best way to keep your eye on the best rate specials is the newsletter, so you should try to subscribe yourself with your desired mortgage company to keep receiving updated rates, news and offers.
Moreover, great news for all those people having a variable-rate mortgage that is looking for mortgage renewal, need to consolidate debt at the lowest-cost funds and, or willing to get a new mortgage; July 13, 2016, is the next rate-setting date.