How will the 0.15% prime rate reduction affect you?

by | Jan 30, 2015 | Interest rates

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Good news! Prime rate is decreasing by .15%!
What does this mean to you and your mortgages, line of credit, or student loans?
A lot of questions have come our way regarding the recent Bank of Canada announcement and their reduction of the overnight rate.
After 2 weeks, we see mortgage lenders moving to their prime rate, which will decrease your payments on your lines of credit, student loans, and your variable/adjustable rate mortgages.
Please keep in mind that this reduction is by .15%, and may or may not take effect immediately. Each bank has different ways of deciding how and when they’ll lower their rates. The best way to find out is to ask a qualified mortgage professional, or contact your bank for clarification.
As mortgage specialists, we make it our mission to help our clients understand exactly what is going on with their mortgages, and we want to help you pay the least amount of interest. If you have questions, or just want to know what options are available, please don’t hesitate to phone, text, or email us.