Bank Of Canada Cuts Interest Rate!

[Sylvanfan]

Originally Posted by Mike Oxlong

Looks like the big banks are going to give in and pass more of the rate cut on to Canadians:
http://ca.news.yahoo.com/s/capress/0...l/bank_lending

As far as the mortgage market goes it was quite common to get variable rate loans at Prime less .5 or .6

All of a sudden all of those are gone and even getting variable at Prime is tough. Lots of lenders are at Prime plus 1.

I'm curious to see if next week they will again start offering the below prime interest rates.

Yeah, I used to have a CIBC better than Prime mortgage before I sold my house, it was prime rate -1.01% for the first 9 months and than prime -.25% after that with 5 year terms. I'm sure every mortgage broker will flame me telling me that was a brutal mortgage etc...But I see that product is no longer being offered by CIBC. If by some miracle I can ever afford to buy a house again, I sure as Scheisen won't be getting any of CIBC's current mortgages which all are like 5.85% or higher.

[bluejays]

Originally Posted by onetwo_threefour

In the past few days I've seen a few Prime - 0.6% mortgages come through my office. I doubt the approvals are very old, so I think they are still out there. I believe the ones I have seen have been TD, MCAP, and possibly Maple Trust/Scotiabank, bu I won't swear to it. (I'm pretty sure on MCAP, less so on the others).

I will say though, that they are becoming very scarce, and have been for at least a couple of months, most varaiables I see are at about Prime to Prime +1.

I was actually dealing with a couple people today who had Prime - 0.75, and boy are they loving this I'm sure.