The Bank of Canada cut its overnight lending rate by .5% again today. They are now at an all time low.
http://finance.sympatico.msn.ca/inve...entid=16973238
(I should have read this more thoroughly. The banks have dropped by the same .5%. Prime is now 3% as most lenders. Variable rate mortgage holders rejoice!)
Good news for people in Variable rate mortgages!
Although the BoC cut the rate by .5% we will have to wait to see exactly how far the major banks will end up cutting theirs. In December when the BoC dropped .75% the banks only dropped .5%.
I'll keep my eyes and ears open for word from the banks as to what they intend on doing and update this thread.