Interest Rate Update
Penny & Steven Donnan on Wed, May 15 2011 wrote:
Benjamin Tal, Deputy Chief Economist at CIBC World Markets, has predicted that the 5 Year fixed mortgage interest rate will go up by between 50 and 80 basis points starting in July. The Bank of Canada may also move to increase the prime rate which affects variable rates and some lenders are reducing their variable rate discounts. Make sure you call us for an interest rate hold as soon as possible so you don't miss out on current rates in the 4% range! Mr Tal also predicted that the "new normal" price for a barrel of oil will be in the $90 - $100 range, so get used to paying at least $1 per litre for gasoline. In fact, $1 per litre sounds pretty good right now.