As a REALTOR(R), one of the critical conversations I have with my clients is, inevitably, about Mortgage Rates. It's pivotal for me to have a clear and well-rounded answer to contextualize bank policies into terms my clienits can understand. What follows is a summary of the most recent Mortgage Rate and Rule changes for the next quarter.
As expected, the Bank of Canada today announced it was leaving its key rate unchanged and warned of the negative effects of a rising currency.
The loonie was 0.12 of a cent lower to 102.82 cents US after the Bank announced its decision to keep the key interest rate at one per cent.
The Bank observed that the recovery in Canada is proceeding slightly faster than expected and that "while consumption growth remains strong, there are signs that household spending is moving more in line with the growth in household incomes."
The Bank further observed that while "there is early evidence of a recovery in net exports, supported by stronger U. S. activity and global demand for commodities, the export sector continues to face considerable challenges from the cumulative effects of the persistent strength in the Canadian dollar and Canada's poor relative productivity performance."
The Bank concluded that " while global inflationary pressures are rising, inflation in Canada has been consistent with the Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the considerable slack in the economy."
The next interest rate announcement is scheduled for April 12, 2011.
For more information on this please contact one of my favorite Mortgage Brokers in Vancouver:
MORRIS ALTMAN, AMP
Mortgage Broker
Invis Inc.
#902 - 777 West Broadway
Vancouver, B.C. V5Z 4J7
Direct: 604-879-0248
Fax: 604-879-5611
Email: morrisaltman@invis.ca
IMAGE CREDIT:
http://www.lifetimemortgage.org/wp-content/uploads/2010/10/lifetime-mortgage-rates.jpg
Comments(0)