Montreal Real Estate Blog » Mortgage Rate http://montrealrealestateblog.com A fresh dose of the local market. Three times a week. Thu, 17 May 2012 11:38:49 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Interest rate cut will help Canadian home owners and buyers http://montrealrealestateblog.com/bank-of-canada-cuts-rates/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-canada-cuts-rates http://montrealrealestateblog.com/bank-of-canada-cuts-rates/#comments Wed, 05 Mar 2008 22:58:24 +0000 Deya Bautista http://montrealrealestateblog.com/bank-of-canada-cuts-rates/ The interest rate cut announced today by the Bank of Canada will help Canadian home owners and buyers, according to The Canadian Real Estate Association. The Bank of Canada cut its benchmark overnight lending rate by one-half of one percentage point to 3 1/2 per cent on March 4th, and signaled further cuts in the near future. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, now stands at 3.75 per cent.

“The threat of inflation is being eclipsed by concerns about slower economic growth, so the Bank of Canada cut its trend-setting bank rate to boost growth,” said CREA Chief Economist Gregory Klump. “Financial market turmoil will remain a downside risk to growth for some time. This means the Bank will probably continue lowering interest rates.”

Lower lending rates will help offset the effect of tightening credit conditions and allow homeowners to obtain better mortgage terms. This will also benefit Canadian homeowners dealing with variable rate mortgages

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Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/

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