The Bank of Canada is once again keeping its key policy rate unchanged, and surprisingly indicating that future rate hikes are less imminent than previously anticipated. The Bank's statement noted that in Canada "the slowdown in the second half of 2012 was more pronounced than the Bank had anticipated," that "caution about high debt levels has begun to restrain household spending," and that "core inflation has softened more than the Bank had expected."
The prime rate for most lenders should stay at 3%, exactly where it has been for 27 months.
The Bank's next rate decision is scheduled for March 6.
As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance.
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Invis is Canada's leader when it comes to arranging mortgages for homeowners. Together with affiliated firm Mortgage Intelligence, Invis is the country's largest independent mortgage brokerage firm. 2010 marked the 10th anniversary of Invis.
Invis mortgage professionals provide expert, unbiased advice to first time homebuyers as well as those looking to renew or refinance their mortgage, purchase investment properties, or consolidate debts.
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