Best Rate Best Mortgage Canada: Bank of Canada Rate Cut by 0.50%
Bank of Canada Rate Cut by 0.50%
Jan 20th, 2009, Bank of Canada announced yet another rate cut by 0.50% from 3.25% to 2.75%. The previous rate cut was last year December 9th.
Major banks and lending institutions in the previous rate cut followed only 0.25%. Interestingly, TD Bank and a few institutions have formally announced to follow today's prime rate change from previous 3.50% to 3.00%. As of today, the best variable rate is at prime + 0.80 (3.00% + 0.8% = 3.8%). The next scheduled Bank of Canada rate announcement is March 3rd, 2009.
Major banks and lending institutions in the previous rate cut followed only 0.25%. Interestingly, TD Bank and a few institutions have formally announced to follow today's prime rate change from previous 3.50% to 3.00%. As of today, the best variable rate is at prime + 0.80 (3.00% + 0.8% = 3.8%). The next scheduled Bank of Canada rate announcement is March 3rd, 2009.