March Bank Rate Cut: How it Affects Us?
Posted Apr 16, 2008 @ 1:40 pm, Viewed by 1082 Visitors, Read 1085 Times.The Bank of Canada cut the lending rate to 3.75% on March 4th and signaled further cuts in the near future. March’s cut put the advertised five-year conventional mortgage rate at 7.29% and competition among mortgage lenders continues to remain stiff. This enables borrowers to negotiate discounts from advertised rates; however, the U.S sub-prime mortgage fiasco has tightened credit conditions in financial markets resulting in smaller discounts. Housing prices are forecast to continue rising and additional cuts to mortgage interest rates are good for new housing affordability and demand.
The Bank of Canada does caution that there are clear signs that the
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