AI news brief
Bank of Canada keeps interest rate unchanged at 2.25%; Macklem says hikes still possible if oil prices spike
Globe and Mail - Business - 2026-07-15
AI Summary
The Bank of Canada maintained its key interest rate at 2.25%, balancing concerns over inflation driven by oil prices against a weakening economy. Governor Macklem indicated that interest rate hikes remain a possibility if elevated oil prices lead to broader and persistent inflation. While variable mortgage rates have held steady, fixed mortgage rates are increasing due to rising Government of Canada bond yields influenced by U.S. economic conditions and inflation expectations.
Key takeaways
- Bank of Canada holds interest rate at 2.25%.
- Rate hikes possible if oil prices cause persistent inflation.
- Fixed mortgage rates are rising, variable rates stable.
What this could mean for homebuyers
Mortgage news can affect fixed rates, variable-rate expectations, affordability, and buyer timing. Use this article as context, then compare today's rates or ask the AI Mortgage Advisor how it applies to your situation.