Since September 2010 the Bank of Canada has held the key rate steady. And today was no different. The Bank of Canada is staying the course and not changing the benchmark rate.

Today's announcement noted that "downside risks to inflation assume increasing importance" and "the Bank must also take into consideration the risk of exacerbating already-elevated household imbalances." With these considerations, the Bank is maintaining its substantial monetary policy stimulus.

If you’ve got a variable-rate mortgage, the prime rate should stay at 3%. The next rate-setting day is December 4.

Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. The lenders base their decision on this rate because it influences their own borrowing. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates are different and are based on the bond market.