- Joined
- Aug 31, 2007
- Messages
- 526
Hi All,
Good news for those of you with variable rate mortgages. The Bank of Canada has cut it`s key lending rate by .75 percent. A couple of banks have reduced their prime rates by half a percent. Others should follow in the next few hours or days. Enjoy your extra cash flow.
However, you can probably expect banks to increase the premium on new variable rate mortgages as they try to recoup costs.
All the best
Jason
Good news for those of you with variable rate mortgages. The Bank of Canada has cut it`s key lending rate by .75 percent. A couple of banks have reduced their prime rates by half a percent. Others should follow in the next few hours or days. Enjoy your extra cash flow.
However, you can probably expect banks to increase the premium on new variable rate mortgages as they try to recoup costs.
All the best
Jason