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Prime Rate unchanged Sept 3/08

The prime rate remains unchanged at 4.75%...for now.

If you have a variable/adjustable rate mortgage, your payments will remain unchanged. The Bank of Canada announced today that economic growth and inflation are lower than anticipated last month. The overnight rate--what banks charge each other for overnight loans--remains steady at 3%.

The Bank of Canada will likely cut interest rates further in the near future, hopefully causing similar cuts from national banks.

Posted by Robert Morrow on 09/04/2008 06:23 PM

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Robert Morrow

Hamilton, ON

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Chase Realty Inc. Brokerage

Office Phone: (905) 648-3333

Cell Phone: (905) 536-4644

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Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.

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