The major banks have matched yesterday’s drop in the Bank of Canada’s key overnight bank rate. The lower 2.25% prime rate translates to a 5 year variable rate offering as low as 2.75%! Word is that mortgage rates will remain at this level for the next 12 to 18 months, depending on inflation rates of course, as the Bank of Canada continues to work at getting the economy moving.
Mark your calendar, the Bank of Canada is scheduled to meet again June 4, 2009.
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