Rate Cuts Coming January 20, Say Economists
Bad news for the economy is usually good news for interest rates. That's what they say.
Well, if that's true then get ready for some low rates. Here's a dose of doomageddon to back it up:
Well, if that's true then get ready for some low rates. Here's a dose of doomageddon to back it up:
- Consumer confidence is at levels not seen since the 81-82 recession.
read more here....
Right now the BoC rate is 1.5% and the prime rate is 3.5%. The usual spread is about 1.75% but the banks seem to take a little extra for themselves.
Also the best variable rate is 3.5% plus 1% at the moment. This may change with any reductions of the BoC rate. Stay tuned.
