With the Market Recovery Just Around the Corner, Rates May Be on the Move

Today, the Bank of Canada has announced that they will be reigning in some of their lending stimulus programs now that the economy appears to be recovering. Should part of this reigning in involve upward movement of the Bank's key overnight lending rate, which would meaning a higher Prime lending rate --home owners with Variable Rate Mortgages would see increases in their mortgage rates and payments.

Fixed rates still remain well below historical Canadian averages, however, Fixed Rate Mortgage interest rates have seen upward movement by as much as 0.5% since May, 2009. To learn more about interest rates, and see if now is possibly the right time to do something about your mortgage, contact one of the qualified mortgage professionals at Alberta Mortgage at 780-479-2222, or visit www.albertamortgagecentre.com.