Prime Rate unchanged Sept 3/08

The prime rate remains unchanged at 4.75%...for now.

If you have a variable/adjustable rate mortgage, your payments will remain unchanged. The Bank of Canada announced today that economic growth and inflation are lower than anticipated last month. The overnight rate--what banks charge each other for overnight loans--remains steady at 3%.

The Bank of Canada will likely cut interest rates further in the near future, hopefully causing similar cuts from national banks.