The bank of Canada reduced their prime rate by ¼ percentage yesterday. Below please find a link to their website for the full announcement.
Variable Rate Mortgage
Q. With rates so low, is it time to lock in my variable rate mortgage?
A. That depends on what kind of variable rate mortgage you have? If you are paying less than the prime rate, you are probably better off sitting tight. But if you are paying more than prime , you may want to look at locking in . It all depends on your risk tolerance.
Fixed Rate Mortgage
Q. I have a five-year, fixed rate mortgage. Should I break it and negotiate a better rate?
A. That depends how big a penalty you wouls have to pay to get out of your mortgage. Read the fine print.
Toronto Star 04/22/2009