If you’ve got a variable-rate mortgage, need a new mortgage, or want to consolidate debt at the lowest cost funds, it’s great news that we are finishing 2014 with the Bank of Canada keeping the overnight rate unchanged. The prime rate stays at 3%.
The overnight rate has held steady for more than four years. In its interest-rate announcement, the central bank noted that the rate is “appropriate” given the “balance of risks” in the economy.
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