Poor Credit Mortgage Broker » Banks cut Interest Rates

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John Dunford

John Dunford, MBA

Real estate mortgage broker


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Banks cut Interest Rates

Following yesterday’s decision by the Bank of Canada to cut interest rates to 0.5 per cent some major mortgage lenders have reduced their rates but as predicted they have stopped short of the full 25 basis points.

Toronto-Dominion Bank was the first to react, just 12 minutes after the BoC announcement, but it jumped too soon, initially cutting its prime rate by 10 basis points (0.10 per cent) to 2.75 per cent. However as other lenders opted for a cut of 15 basis points (0.15 per cent) TD cut again to match them.

Scotiabank, RBC, CIBC and BMO have all announced the same cut to 2.70 per cent effective today. TD’s rate will be behind the others in the Big Five for one day as the initial reduction takes effect Thursday but the second cut comes in Friday.

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