Edmonton Mortgage Blog
Your Edmonton Mortgage Broker: Natalie Wellings
No change today but who knows what will happen in 2024!
December 6, 2023 | Posted by: Natalie Wellings
The guessing is over for 2023! The Bank of Canada has maintained its key interest rate in its last announcement of the year. Consequently, the prime mortgage rate remains at 7.20%.
The central bank is still concerned with inflation and has not ruled out further increases if warranted, though inflation has been on a downward trend in the last few months.
It will be interesting to see what next year brings. Fixed mortgage rates have been trending down lately. Hoping this continues into the spring! Several economists are predicting that the Bank of Canada will start cutting the prime rate sometime in 2024, although an exact timeframe remains unclear.
The next scheduled rate announcement is set for Wednesday, January 24th 2024.
|
Wednesday, April 13th 2022 |
+0.50% to 3.20% |
|
Wednesday, June 1st 2022 |
+0.50% to 3.70% |
|
Wednesday, July 13th 2022 |
+1.00% to 4.70% |
|
Wednesday, September 7th 2022 |
+0.75% to 5.45% |
|
Wednesday, October 26th 2022 |
+0.50% to 5.95% |
|
Wednesday, December 7th 2022 |
+0.50% to 6.45% |
|
Wednesday, January 25th 2023 |
+0.25% to 6.70% |
|
Wednesday, March 8th 2023 |
No change |
|
Wednesday, April 12th 2023 |
No change |
|
Wednesday, June 7th 2023 |
+0.25% to 6.95% |
|
Wednesday, July 12th 2023 |
+0.25% to 7.20% |
|
Wednesday, September 6th 2023 |
No change |
|
Wednesday, October 25th 2023 |
No change |
|
Wednesday, December 6th 2023 |
No change |
