Friday, December 7, 2007

Prime Rate Drops

Well we knew this was coming. On Tuesday Bank of Canada dropped the prime rate by.25% to 6.00%. This is good news for the mortgage customers on variable rate products as they will see there payments drop. Based on the current economic data we should look at the prime rate going lower by .25-.75% heading into 2008. Watch for economic data to see the trends appear in the coming months.

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