Canadain Prime Rate Change - January 20, 2009
Canadian Prime Rate LOWERS again!
The Bank of Canada lowered its Over Night target rate by ½% this morning. The reasons why the bank has lowered it is because of: Read more
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Calgary Low Interest Rates
Calgary Low Interest Rates
Bank Lending rate went down 0.75 to make the over night lending rate 1.75%. That may not make sense to some but what it means is that if your bank or lending institution follows this rate cut your monthly payment just went down again! The Bank of Canada has been lowering its rates for months and now has now a huge cut to finish off the year.
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What is next for interest rates in Calgary
So it seems that all we have been hearing lately is interest rates keep dropping but what can we expect next? According to a press conference speech from Bank of Canada Chief Mark Carney, it appears it will be cut again. The Major bank’s top economists are predicting .5% drop. If the major banks follow along that would make prime 3.5%, as it has dropped to 4% since the last cut on October 21, 2008. The next rate decision will be happening on December 9, 2008.
