Friday, November 16, 2007
Bank of Canada To Lower Rates?
The tide is changing direction's as we speak. In June we thought the Prime rate set by the Bank of Canada was going to keep increasing and cause a lot of pain for consumers, Now with the Cdn dollar rising 25% this year against the US dollar, the calls are now coming for the Prime rate to be lowered. Today we had several economists from the major banks and financial securities calling for rate cuts. We also heard from the deputy governor of the bank of Canada saying the rising dollar is curbing inflation. Look for Prime rate to be lowered from .50-1.00% in the next six months. Now more then ever consumers need the help of independent accredited mortgage professionals to help make the best mortgage decision for them.