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Bank of Canada raises interest rates for first time in 7 years.

The bank raised its overnight lending rate to 0.75 per cent from 0.5 per cent Wednesday,  citing "bolstered" confidence that the Canadian economy has finally turned the corner after years of sputtering growth. What does this mean for the mortgage market? The benchmark rate is now .75 and prime is 2.95%. For those looking to buy in the near-term, now is the time to lock in a mortgage rate, which financial institutions generally do for between 90 and 120 days. But for homeowners ...

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CURRENT RATES

2 YEAR 2.24%

3 YEAR 2.34%

4 YEAR 2.69%

5 YEAR 2.79%*

5 YEAR Variable 2.20%*

Updated July 21st, 2017
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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