Interest rates have taken a tumble again as the Bank of Canada reduced it’s prime rate to .25%.
Bidding zero, zero anyone? What will be the impact on Vancouver mortgage rates…it will be interesting to note how fast the banks respond to the interest rate reduction. Vancouver mortgage brokers are actively gauging the response by consumers on this latest mortgage rate reduction. I expect that the online mortgage calculators will be humming today.
The rate reduction reflects the Bank of Canada’s grim view of the economy and the need for further stimulus through lower interest rates. Problem is, the banks are not helping. They were bailed out to the tune of $75 billion and they are holding onto that money.
Duncan Seward is a Vancouver mortgage broker. Mortgage BC is the focus of his business. He is an expert in bad credit mortgage refinance applications. Poor credit loans need not be a concern to clients with a damaged credit histories.