Robert McLister·Mortgage Rate Trends·January 20, 2009Anticipation Mounts Ahead of BoC Announcement Rarely has there been this much buildup before a Bank of Canada rate meeting. You can just sense how variable-rate mortgage shoppers and mortgage holders alike, are waiting and hoping for a big cut. If the “experts” are right, they may get it. According to 19 of 20 economists surveyed by Bloomberg, the Bank of Canada will cut Canada’s key interest rate to an all-time low of 1% on Tuesday (Chart). If the BoC comes through, the focus will quickly shift to the big banks. They refused to reduce their prime rates to match the BoC’s 3/4% rate cut in December, and may do the same this time around. We’ll know very soon… Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.