The Bank of Canada dropped its Key lending rate by another quarter percent today. This is the second rate drop for 2015. The primary reason for this rate drop was due to the perceived risk of financial stability within the Canadian marketplace.
At the last Bank of Canada’s decrease the lenders decreased their prime rate by 0.15% rather than the full 0.25%. It will be interesting to see how the lenders will react to this latest decrease. Will they honour the full rate drop or only a portion? We should see their reactions over the next two to three weeks led by RBC and TD Bank.
For the full announcement from the Bank of Canada Click here.
Did you know that we monitor rates and manage our clients mortgages to minimize the interest our clients pay? If you think your bank does this for you, think again. At Champion, your mortgage is managed and monitored by our team of professionals, just like a financial advisor manages a stock portfolio. Our clients know we have their backs – isn’t it time you had someone working in your best interest?