Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Bank of Canada drop rates 75 basis points

Mike Oxlong · 12-09-2008, 09:42 AM

Wow I had a feeling they were going to be dropping the overnight rate again but 75 basis points is huge. That is the biggest one time drop that I have seen.

It will be interesting to see if the banks follow suit and drop their rates as well. A couple months ago when the Bank of Canada lowered rates by 50 basis points they were reluctant to lower their rates and it took some convincing from the federal governement to get them to drop.

If they do drop those of you in a variable rate mortgage are going to see your mortgage payments drop once again.

http://www.bank-banque-canada.ca/en/...te_091208.html

http://ca.news.yahoo.com/s/capress/0...interest_rates
After reading this story it looks like TD is only dropping 50 basis points. (That puts PRIME at 3.5%)It will be interesting to see what the rest of the banks do. I'll update this thread as I get info from the lenders.

12-09-2008, 09:42 AM	#1
Mike Oxlong Got Oliver Klozoff Join Date: Feb 2003 Exp:	Bank of Canada drop rates 75 basis points Wow I had a feeling they were going to be dropping the overnight rate again but 75 basis points is huge. That is the biggest one time drop that I have seen. It will be interesting to see if the banks follow suit and drop their rates as well. A couple months ago when the Bank of Canada lowered rates by 50 basis points they were reluctant to lower their rates and it took some convincing from the federal governement to get them to drop. If they do drop those of you in a variable rate mortgage are going to see your mortgage payments drop once again. http://www.bank-banque-canada.ca/en/...te_091208.html http://ca.news.yahoo.com/s/capress/0...interest_rates After reading this story it looks like TD is only dropping 50 basis points. (That puts PRIME at 3.5%)It will be interesting to see what the rest of the banks do. I'll update this thread as I get info from the lenders. Last edited by Mike Oxlong; 12-09-2008 at 09:49 AM.