Quote:
Originally Posted by Mortgage Made Easy
Breaking News
Bank of Canada cuts another 0.50% off of their policy rate this morning.
Bank of Canada Cuts Rate to 0.25% - Emergency Move
The million dollar question this time is, will lenders extend the drop to consumers and lower Prime from 2.95% to 2.45%?
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Considering the situation we're in, wouldn't the government penalize lending institutions if they choose not to extend the discounts to their customers? Isn't the entire point of the BOC doing this, a measure to prevent further bleeding of our economy and citizens, which would be completely neutralized should the banks choose not to discount lending rates?