Bank of Canada Reduces the Overnight Rate by .50bps
January 20th, 2009Good morning,
The Bank of Canada announced that their overnight rate is being reduced by .50bps to 1.50%. If the major financial institutions follow this move prime will be 3%. There is some suggestion that we will not see immediate changes by the lenders due to their cost of funds through deposits and the price they are getting when they go to sell the mortgages that they are committing ...