How much lower can they go? Bank of Canada drops key interest rate to 0.75% - Mortgage rates should follow

Published 21 January 15 01:24 PM | Merv Edinger 

Wednesday, 21 January 2015

How much lower can they go? Bank of Canada drops key interest rate to 0.75% - Mortgage rates should follow

Bank of Canada shocks market with rate cut. How much lower can they go?

Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa on Wednesday, January 21, 2015. The looming threat of sliding oil prices forced the Bank of Canada to drop its trend-setting interest rate Wednesday, a surprising move that shows just how much the country's economic outlook has soured in a matter of months. THE CANADIAN PRESS/Adrian Wyld

The Bank of Canada announced a surprise quarter-percentage-point cut to its key interest rate Wednesday – a move it calls “insurance” against the potentially destructive effects of the oil price collapse.
The reduction in the bank’s overnight rate to 0.75 % from 1 %t – its first move since September, 2010

http://m.theglobeandmail.com/report-on-business/economy/bank-of-canada-rate-cut/article22548417/?utm_source=twitter.com&utm_medium=Referrer%3A+Social+Network+%2F+Media&utm_campaign=Shared+Web+Article+Links

Ross MacDonald of  Scotiabank® Logowas already offering 2.89% on a 5-year closed mortgage. I am looking forward to updating my clients with his new rate following this exciting announcement.

These are some of the lowest rates we have seen in decades

Historical 5-Year Fixed Mortgage Rates From 1973 - Today

 

Variable rates are even lower! Ranging currently from 2.15% ( True North ) to 2.60% ( Scotia Bank ).

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# Luis M said on May 15, 2018 4:31 AM:

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