Bank of Canada lowers rate. Bank prime rate starting to follow
Bank of Canada lowers rate. Bank prime rate starting to follow
Here is a quick post as I am out the door.
Bank of Canada confirmed this morning that they have lowered their overnight lending rate by 0.5% to 1.0%. We have already start to see some banks confirming that they will pass this reduction on to consumers in their prime rate by reducing it to 3.00% from 3.50%.
However, it remains to be seen how 5 year variable rate mortgage pricing will settle in at as there may also be some adjustments here, in the upward direction possibly.
Stay tuned later today and tomorrow for updates.
