Bank of Canada lowers overnight lending rate by 0.25%

Term	Rates
1 Year Fixed	2.29%
2 Year Fixed	2.19%
3 Year Fixed	2.34%
4 Year Fixed	2.54%
5 Year Fixed	2.59%
7 Year Fixed	3.44%
10 Year Fixed	3.84%
Variable Rate	1.95%
Prime Rate	2.70%
Benchmark Rate	4.64%

Rates subject to change without notice. Some conditions apply. O.A.C.

Bank of Canada Update

Bank of Canada lowers overnight lending rate by 0.25%

Last week the Bank of Canada announced they would be reducing the overnight lending rate. The announced a reduction of 0.25%.

In response, the banks have decided to reduce their prime lending rate. This rate was only reduced by 0.15%, not the full 0.25%. This brings rates down to 2.70%. This ultimately affects the variable rate by bringing id down by 0.15%.

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Tuesday, July 21, 2015