Today we saw the Bank of Canada increase their trend setting rate to 1%, marking this as the 3rd increase since the Bank of Canada has begun raising rates. With this interest rates we will be seeing the prime lending rate increased, and it should be announced as early as today. With the prime lending

As the Bank of Canada has been forced into a high risk balancing act by the world economy, it was expected that the trend setting rate would be increased. The central bank did make the decision with a strong note of caution. When Bank Governor Mark Carney decided to increase the key lending rate by

Today we have major banks making adjustments to their residential mortgage rates, which will take effect June 25th, 2010. The adjustments made today is decreasing mortgage rates by 0.10%, which is somewhat of a surprise seeing as the Bank of Canada recently increased the overnight rate by 0.25% to 0.50%. The banks, which have made

Royal Bank of Canada (RBC) is lowering its rate for its five year mortgages, making this the second reduction for the month. RBC has decreased its five year mortgages by about one-tenth of a percentage point to 5.99%. At the beginning of the month, the five year mortgage rate started at 6.25%, but it was

Bank of Canada Governor Mark Carney has put Canadians on notice that today’s low borrowing costs are likely to increase by midsummer, if not sooner. Carney acknowledged on Wednesday that inflation and economic growth are rebounding faster than the Bank of Canada predicted, and it has left the door open for a rise in the

National Bank Financial Group has adjusted their rates for residential mortgages. The new rates have been in effect as of March 12th, 2010. The adjusted rates for residential mortgages are as follows: TERM CURRENT RATE (%) NEW RATE (%) CHANGE FIXED-RATE OPEN TERM 6 months open 7.000 7.000 0.000 1 year open 7.250 7.250 0.000

One of the largest investments you will make in your life is purchasing a home. When purchasing a home you are taking on a commitment to pay off the value of the house you may owe to the bank. The question we have to ask ourselves is how can we actually save throughout the process?