Prime Rate Unchanged

The Bank of Canada kept interest rates unchanged for the third time today despite acknowledging that both economic growth and inflation are lower than it had projected last month. The overnight rate - what big banks charge each other fo overnight loans - will remain steady at 3%. While most analysts had expected the central bank to keep rates steady, a downwardly revised projection for economic growth in Canada reinforces the view that the bank's next move will be to cut interest rates further.

So what does it mean for you? THe prime rate will remain unchanged at 4.75%. If you have a variable/adjustable rate mortgage, your payments will remain unchanged for now.

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