13 Mar Bank of Canada Cuts Interest Rates to 2.75%
Posted at 22:01h
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The Bank of Canada has just lowered its policy interest rate by 25 basis points to 2.75%, bringing some financial relief to homeowners with variable-rate mortgages and lines of credit.
Most lenders are expected to adjust their prime rates to 4.95% in the coming days, making borrowing more affordable for many Canadians. TD Bank, which typically sets its mortgage prime rate slightly higher, is likely to decrease its rate to 5.10%.