Tuesday, January 20, 2009

Bank of Canada cuts Interest Rate to 1.00%

Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.

The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.

In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.

Today’s BOC rate cut combined with yesterdays drop in fixed rates, makes mortgage money extremely cheap! What are buyers waiting for?

John Prince, Alberta licensed real estate agent, MaxWell City Central – Crowsnest Pass. Serving the Crowsnest Pass and area. Call me directly at 403-564-4518 or by email at: johnprince@shaw.ca

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