Bank of Canada slashes interest rate to 0.25%

Why not just cut it to zero? They're literally talking about nickels and dimes at this point.

Not for the big boys. Low vs high interest rates have different effects on different businesses. Lending institutions obviously dislike it because they get much less money. People paying of variable rate loans obviously benefit it but then again they might also lose money as their investments suffer.

Note that this rate cuts puts our prime interest rate at %2.25

Prime interest rates 1999-present

Awesome AND scary all at the same time!

What banks like is stability in the rates.
They always "try" to keep the same margin between their costs and revenues (the interest rates they pay and interest rates they charge).
Fluctuations are what gives them trouble.

Imagine everybody locking into long term interest rates for loans today and then the rates go up 10% in the next year.

Great news! Hope it stays that way for another month or so!

I dont know,I've been trying to redo my mortgage the last 3 weeks and it seems like the banks are stalling,waiting to see what happens.

A few other peeps I talked to also said they are on hold trying to get a lower interest rate.

I'm smelling a conspiracy here.

According to the story at the start of the thread, it will last a lot longer than that.

According to the story at the start of the thread, it will last a lot longer than that.

Boots has got his eye on a hot new pad

That's your socks. Do the wash.

According to the story at the start of the thread, it will last a lot longer than that.

Boots has got his eye on a hot new pad



Yep, I'm buying it off your parents for a pack of smokes and a 40 oz of vodka. Then I can burn down the place you were conceived and hopefully prevent it from happening again!

I dont know,I've been trying to redo my mortgage the last 3 weeks and it seems like the banks are stalling,waiting to see what happens.

A few other peeps I talked to also said they are on hold trying to get a lower interest rate.

I'm smelling a conspiracy here.

I'm re-doing my mortgage and I want to buy a place this summer. I had planned on buying a house last fall, but that damn credit crunch held up our application. I guess it works better though, because prices are lower now, and I'll have more than 20% for a downpayment, so there will be no CHMC fee for us.

I have a variable mortgage, started at .5 under prime at 4% in May, it is 2% now. You can't get mortgages under prime anymore. It's now 1.5 over prime...

Boots has got his eye on a hot new pad



Yep, I'm buying it off your parents for a pack of smokes and a 40 oz of vodka. Then I can burn down the place you were conceived and hopefully prevent it from happening again!



damn recession must be killing you , a mortgage for a pack of smokes and a 40 OZ.?

that 40 cent bump in the minimum wage just hasn't panned out has it?