Tuesday, January 20, 2009

Bank of Canada Cuts Key Lending Rate to a Record Low!

Earlier today the Bank of Canada lowered it's key lending rate to 1%, the lowest it's been in over 50 years! A few mortgage lenders have followed suit by lowering their prime rate to 3%. This is great news for anyone with a variable rate mortgage! The latest move by the BoC shows an aggressive attempt to boost the economy.
The BoC meets again on March 3rd to revisit interest rates.

http://www.cbc.ca/money/story/2009/01/20/bankcanadarate.html

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