What BoC rate cut means for mortgages, consumer loans, investments [Investment Executive - News]
NerdWallet, Inc. (NRDS)
Company Research
Source: Investment Executive - News
The Bank of Canada has lowered its key interest rate by a quarter of a percentage point to 4.75%, the first cut in more than four years. Here’s what it could mean for clients’ finances. What does it mean for consumers and prime rates? The Bank of Canada’s benchmark rate affects borrowing costs for banks, which means they’re able, but not forced, to lower their own lending rates. Banks are generally very quick to move their prime rate higher in tandem with Bank of Canada hikes. They’ve been less consistent on the way down. By Wednesday afternoon though, most banks had lowered their prime rates to 6.95% from 7.2%, effective June 6, matching the drop from the central bank. Canadian banks have more flexibility in deciding to cut than they used to. Banks choose how much interest they add to the Bank of Canada rate, and that buffer has widened over the past couple of decades. From the mid-1990s to 2008, the added margin averaged around 1.5%. It rose to 1.75% until around 2015, and sinc
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