A Banner Week for Variable-Rate Mortgagors
Variable-rate borrowers across Canada celebrated yesterday's quarter-point Bank of Canada cut.
According to Robert McLister,
for the average borrower, yesterday's 25-basis-point cut translates to roughly $13 to $20 of savings each month per $100,000 borrowed.
Floating-rate borrowers benefited from the cut, with the lowest nationally advertised variables dropping to 3.89% (uninsured) and 3.45% (insured).
Author's summary: Bank of Canada cuts interest rate.
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