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Category: What's New in 2009

Banks provide relief with mortgage cuts

Banks provide relief with mortgage cuts
January 21, 2009 at 7:51 AM EST

Consumers pinched by the credit crunch are getting some relief as lenders lower their rates on both fixed and variable mortgages.

Lenders including Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, Toronto-Dominion Bank and CIBC are slicing mortgage rates shortly after the Bank of Canada cut its key lending rate to a historic low of 1 per cent.

The banks quickly followed suit, passing on the full central bank cut by lowering their prime rates half a percentage point to 3 per cent. Previously, the banks had failed to pass on the full benefit of rate cuts made by the central bank late last year to consumers.

Their quick move to follow the Bank of Canada yesterday could be a sign of pressure from the government and customers, and also that borrowing costs may be easing a bit. Click here to read the whole article.

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