Tuesday, March 3, 2009

Banks Cut Prime Rate by 0.50%!

Earlier today the Bank of Canada lowered it's key lending rate by 0.50%. The Canadian chartered banks quickly moved to match the rate decrease by the same amount. This means that at most financial institutions in Canada prime is now 2.50%. An unbelievably low rate, especially for all of those homeowners with variable rate mortgages!
Read the full story HERE.

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