One Million Dollars In 8 Seconds
  
One Million Dollars In 8 Seconds
This is simply amazing...:)
Bank of Canada Cuts Rates 25 bps...Canadian Dollar Plunges
A week plus ago the Bank of Canada cut its overnight rate target by 25 basis points (0.25%) from 0.75% to an historically low rate of 0.5 %.
The Canadian Loonie immediately plunged to 77.5 cents U.S., down a full cent.
What does this mean for you as a consumer or for your business?
It means your variable rate mortgage would also probably drop by an equivalent percentage point or close to it. However, this rate cut does not apply to fixed rate mortgages.
Note the last time this happened, the banks only decreased variable rates by 0.15% of the 0.25% possible.
However, TD Bank only reduced their prime rates by 0.1% of the 0.25% from 2.85% to 2.75%. Other lenders followed TD Bank by also reducing their prime rates by either 0.1% or 0.15%.
So what is happening with the spread? The simple answer...the banks are keeping it!
Watch out!...the true rate deduction across all banks will take about a week to figure out.
If you are interested in knowing more about what today's rate drop news by Bank of Canada means for you, your family or business, click on the links below!
Link #1: http://us7.campaign-archive1.com/?u=e22472ccf910e7bde7d3d0632&id=67a040dda2&e=91f1a512a1
Link #2: http://www.bankofcanada.ca/2015/07/fad-press-release-2015-07-15/
Link #3: TD reduction example: http://goo.gl/whLAqt
My Neighbour Got His Mortgage Directly From The Bank
My Neighbour Got His Mortgage Directly From The Bank
This is a hilarious:)))
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