Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Canada's big banks cut credit card interest rates to ease coronavirus impact – CBC.ca
– news.google.ca
Canada’s big banks cut credit card interest rates to ease coronavirus impact CBC.caBig Six banks cut credit card interest rates to ease COVID-19 impact CanoeCanadian banks pause payments on 10% of mortgages as they field 500,000 requests for deferrals Financial PostInterest rates are plunging — so why aren’t mortgage rates? CBC.caBetter Buy: Royal Bank of Canada (TSX:RY) or CIBC (TSX:CM)? The Motley Fool CanadaView Full coverage on Google News
What Does the Bank of Canada Interest Rate Cut Mean for Borrowers?
– ratesupermarket.ca
The Bank of Canada’s overnight target rate remained unchanged for over a year prior to the current COVID-19 related emergency rate cuts. Most recently, the BoC cut its overnight rate by 50 basis points (bps), bringing Canada’s key lending rate to 0.25%.
Bank of Canada Target Interest Rate Changes
Date
Target (%)
Change (%)
March 27, 2020
0.25
-0.5
March 16, 2020
0.75
-0.5
March 4, 2020
1.25
-0.5
January 22, 2020
1.75
—
December 4, 2019
1.75
—
October 30, 2019
1.75
—
September 4, 2019
1.75
—
Source: Bank of Canada
These measures are “intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic,” the BoC said in its release.
The BoC further assures Canadians that its efforts will “lay the foundation for the economy’s return to normalcy.”
In the meantime, these drastic cuts may leave many homeowners and mortgage shoppers questioning the magnitude of the BoC’s decision and how it may impact them at home…
