Where are the rates going?
The Bank of Canada will likely drop the prime rate one more time but that will be it. From the bottom prime can only go up. If some of the stimulus takes hold it may not be long lived but it sounds like it will be longer than usual. A low prime for another 6 months might be seen. Fixed rates will likely continue to trend down for the next couple of months but we are getting very close to the bottom. They will turn up before prime so we may be within 3 months of the bottom, again depending on what happens with the economy. The upward cycle will likely be slow and gradual but a bit of a jump at first wouldn't surprise me.
April 21st is the next date for the Interest Rate Announcement by the Bank of Canada.
Which way will they go?
As you can see here, there certainly isn't much room left at the bottom.
Stay tuned!!
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