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Mortgage Rates to Increase, as Bond Dealers Predict 0.25% Hike in Overnight Rate

In a recent poll by Reuters, 11 of the 12 primary Canadian bond dealers predict a 0.25% increase in the Bank of Canada’s key interest rate. The prediction pertains to the Bank of Canada’s meeting on September 8, 2010 to decide the overnight rate (the current overnight rate is 0.75%).

The rate predictions for the next three Bank of Canada meetings are as follows:

DealerSept 8Oct 19Dec 7
BoA-Merrill Lynch1.00%1.00%1.00%
BMO Capital Mkts1.00%1.00%1.00%
Casgrain & Co Ltd1.00%1.25%1.25%
CIBC World Mkts1.00%1.00%1.00%
Deutsche Bank Sec.1.00%1.00%1.25%
Desjardins Securities1.00%1.25%1.50%
Laurentian Bank Sec.1.00%1.00%1.00%
National Bank1.00%1.25%1.50%
RBC Capital Mkts1.00%1.00%1.25%
Scotia Capital1.00%1.00%1.00%
TD Bank1.00%1.00%1.25%
Mean Average1.00%1.07%1.08%

While the interest rate hike is merely a prediction, consumers should brace themselves for increases in mortgage rates.

To view the most accurate and up-to-date Canadian mortgage rates, visit Ratehub.ca’s Best Mortgage Rates page. Use our mortgage calculator to view the effects of the recent interest rate cuts on your mortgage payments.

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