The Bank of Canada will be sitting down to review the Prime rate of interest on Wednesday, April 13. The prime rate is used often as an index in calculating rate changes to adjustable rate mortgages (ARM), Variable Rate Mortgages (VRM) and other variable rate short term loans, like Home Equity Line of Credits (HELOCS, also known as Secured LOC's).
Economists are divided as to whether the Prime rate of interest will increase. We at the Bob Hanscom Mortgage Agency feel that Prime will increase.
Only time will tell!
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