MORTGAGE Blog & ARTICLES

+1 888 882 0786

The Bank of Canada Decided to Raise Interest Rates during the Fourth Quarter

BOC 1

Reuters conducted a survey that states, the Bank of Canada decided to increase their interest rates that are intended for home loans during the fourth quarter of the year 2011. Earlier, economists had forecast that the interest rate hike to take place during the third quarter; however the recent international turmoil has pushed this figurative deadline back. During the survey, there are 37 strategists and economists who participate in the said event. According to the report, the central bank now holds its key policy at one percent during the year’s third quarter.

 

For the economists who still believed that the rate hike would take place during third quarter, all predicted a 25 basis point jump during the month of September, while none thought an increase would take place during the central bank’s July 19 rate decision deadline. The real estate market of Canada is now experiencing well maintained heath and continued growth and this is one of the reasons why the international scene has been less than stellar. Apart from this, worries have spread into the country regarding issues that include euro zone debt crises and stagnant U.S market.

 

On the other hand, there are still some experts and professionals who remain positive about the future of their country. According to Michael Gregory which is the senior economist with BMO Capital Markets, “The soft patch that we obviously have in the U.S right now we believe will prove temporary, that we will get a little bit of a lift in the second half of the year.” The bank of Canada wants to inform their Canadian residents that they will increase their interest rates during the fourth quarter. Since the bank of Canada formally decided that they will increase their interest rates during the fourth quarter, Canadian residents should have an apparent and superior understanding and knowledge about the possible changes that the bank of Canada will implement throughout the country.

 

By doing this, you can be sure that you will not find hard time and difficulty to understanding the changes that they will implement in their bank. For those Canadian residents who are planning to get home loans from the bank of Canada, they should be familiar and aware about the overall interest rates for their home loans. It is a fact that getting a home loan in a certain bank is not an overnight process since it usually needs time and you also need to submit important requirements that a certain bank require. There are also various procedures that you need to consider and bear in mind especially when it comes in getting a home loan.

 

Homeowners should be updated about the interest rates for home loans to make sure that they will easily determine the overall amount of money that they will pay for their home loans. The bank of Canada will guarantee their valued clients that they will assist and help them in getting their home loan in a least possible time. For more details and information about the interest rates of the bank of Canada, browsing the web can be a great help.

Share Button

Mortgage Rates
STOP! Before you apply for a mortgage through your bank, make sure you are getting the best rate! Compare the best mortgage rates in Canada right now. It will take only a minute, but you will be surprised just how much you can save! We at Resourceful Capital Financial Corporation source our rates from all financial institutions, not just the one's that deal with us. To make sure you make a sound and prudent financial decision and get the best possible mortgage.
BEST MORTGAGE RATES
Refinance Calculator
Resourceful Capital Financial Corporation's refinancing calculator will help you decide whether to refinance your existing mortgage at a lower interest rate.
REFINANCE CALCULATOR