The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.75 per cent..

The Bank sees the underlying trend of inflation at 1.6 to 1.8 per cent, which is consistent with persistent slack in the economy.

The Bank's outlook for economic growth remains largely unchanged from its previous forecast with expectation of a solid recovery beginning in the second quarter. 

It is anticipated that interest rates won't rise until 2016, however, long term bond yields are likely to rise as growth improves

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This is a record setting time for Vancouver mortgage rates. You can now get a five year term at 2.74%, or a 7 year term at 3.79%. After the 5 year term, the next best rate is a 2 year term at 2.59%.

Prime rate is currently 3% and a variable rate is prime mins 0.65%.Ask your mortgage broker about the benefits of a variable rate, or contact Jeff fraser 604-340-1809 Dominion Lending


February 3, 2015

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