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Bank of Canada cuts key rate by 0.25%

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Tim - Mortgage Broker/ Owner | 21 Jan 2015, 10:51 AM Agree 0
The Bank of Canada unexpectedly cut its main interest rate by 0.25% from 1.00% to 0.75%.

This is great news for Variable Mortgage rate holders, students mortgages and lines of credits as Prime should follow... and drop from 3.00% to 2.75%.

NOTE that Prime is adjusted by the lenders. Typically they follow suit but not always... will post once we get word from at least one lender.

For anyone with variable mortgages/ mortgages... keep payments the same or higher and take advantage of paying down the debt quickly.

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