WOW - Emergency Bank of Canada Announcement - another 0.50% DROP

[Mortgage Made Easy]

WOW - Emergency Bank of Canada Announcement - another 0.50% DROP

The Bank of Canada on Friday delivered an emergency rate cut, slashing its main rate by half a percentage point to 0.75%. The move follows a half-point cut at the bank's regular policy meeting on March 4.

The BIG question now is what will the lenders do? Will they pass on the full discount and lower Prime from 3.45% to 2.95%?

HEADS UP - lenders are already starting to adjust the discounts. We have seen a couple of lenders go from -1.00% to -0.80% the last couple of days. If you are interested in variable... give us a call or email.

Tim
403-479-0066
tim@timlacroix.com

[Mortgage Made Easy]

Rates have started to move... Friday evening Scotia made a big move!
- Scotia increase to fixed rates by 0.25%
- Scotia decrease in variable rate discounts from -0.70% to -0.10%

- Equitable Bank decrease in variable rate discounts from -1.00% to -0.25%

And a few other went from -1.00 to -0.80%.
And a couple other non-banks increase fixed by 0.10%

I would image we will see more announcements on Monday. If you are interested in securing some rates for the next 120-days... please PM me as I am working over the weekend to assist my fellow CalgaryPuck members. Or email tim@timlacroix.com.
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