Canadian Mortgage Rates Up

(May 30/07)  While the Bank of Canada DID NOT increase the prime interest rate at yesterday's meeting, they issued a strongly worded press release suggesting that an increase in the overnight rate was to be expected at their next meeting - July 10th.

In response, all of the major Canadian banks increased their mortgage rates this morning, with 5 yr fixed rates increasing by as much as 0.30% to 7.14% *note - the wholesale or preferred rate for a 5 yr fixed will likely be around 5.74%*.

To read the complete article visit Rates Heading Up?

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