The Bank of Canada (BoC) joined other world bankers in cutting their key lending rate 1/2% today. It was the first such unscheduled move since just after 9/11’s terrorist attacks.
The BoC was widely expected to cut rates at its next Oct. 21 meeting, but couldn’t wait.
Now people are watching to see if/when the big banks will follow the BoC’s lead and make cuts to their own prime rates. Prime rate, as most readers know, affects variable-rate mortgages in Canada.
Scotiabank economist Derek Holt said, ““This is not the last of the cuts, and both the Fed and the Bank of Canada could easily cut another 100 basis points.”
The 5-year bond yield is currently down 0.02% to 2.75%. 30-day bankers acceptance yields are down 0.02% to 3.58%.
More to follow…
I wonder if they still will cut on the 21st now
Fingers crossed for the bank prime rate cut, as I have Variable mortgages
true north mortgage is already posting variable at 4.25
TD only cut rate by 25bps.
True North eh??? Maybe I’ll take my Variable OPEN mortgage that i have with RBC and go to them, since RBC and the rest of the moneygrubbing, greed driven, white collar @$$holes decided to stiff us…
You should always protect yourself and your family with insurance coverage. because none know what is coming next. Anytime any thing can happen.