Major lenders reduce prime interest rate

Good news today from the big banks who reduced their prime lending rate by half a point to a record low of 3% in quick response to interest rate relief from the Bank of Canada.  They also reduced some fixed and floating-rate mortgages.  The Bank of Canada projects 3.8% economic growth in the next year thanks to lowered interest rates and fiscal stimulus and the depreciation of the Canadian dollar.  All good news for home buyers.  First-time buyers, especially, can take advantage of the market downturn and the low interest rates to take that first step on the property ladder.

 

Candace Forrester

Candace Forrester

REALTORĀ®
CENTURY 21 Fusion
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