No Change to the Bank of Canada Rate

The Bank of Canada has left the key lending rate as is at 0.25%. There has been no change since April 21, 2009.

According to the January 19th report, “Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010.”

The Bank of Canada introduced a system in 2000, of eight dates each year to announce any changes to the target rate.

The next meeting will be on March 2, 2010.

Current Mortgage Rates

Prime Rate 2.25%

Variable Open Prime +.60%
Variable Closed Prime - .20%

1 Year Closed 2.55%
2 Year Closed 2.95%
3 Year Closed 3.45%
5 Year Closed 3.89%
7 Year Closed 5.25%
10 Year Closed 5.34%

**Lower “quick close” rates available

CINDY MASON
MORTGAGE AGENT,
FSCO LIC.# MO8004144
MORCAN FINANCIAL INC.
Tel. 1-800-441-5425 ext. 1
Cel. 1-800-441-5425 ext. 2
Fax. 905-852-1379
cmason@morcan.ca