Rate Cut? Will They or Won't They?

Tomorrow at 10 am, the Bank of Canada will announce their decision on what to do about the key overnight lending rate. The overnight rate is the interest rate at which major financial institutions borrow andlend one-day (or "overnight") funds among themselves.

This decision may affect variable mortgage holders, but only if the banks choose to lower their own prime rates. Banks are not obligated to pass on a cut to us as consumers.

Be assured I will be keeping an eye on the decision and letting you know how it will affect you.