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Hike in key interest rate will cost of mortgage and loans more: Bank of Canada

Hike in key interest rate will cost of mortgage and loans more: Bank of Canada

Jul 14, 2017, at 06:26 am

Ottawa, July 14 (IBNS): The Bank of Canada said that its overnight move to raise its key interest rate from 0.5 percent to 0.75 percent, its first increase in nearly seven years, would result in increased costs of mortgages, home equity lines of credit and loans linked to the big bank prime rates.