In this file photo, a for sale sign stands in front of a house in Toronto. Mortgage rates are coming down in Canada after the Bank of Canada dropped its key lending rate on Wednesday.by 50 basis points to 3.45 per cent, effective March 5.
The moves by the Royal Bank, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, CIBC and the Desjardins Group match the’s decision Wednesday to drop its key lending rate by 0.5 percentage points, which was itself a matching of what the U.S. Federal Reserve had cut a day earlier over the novel coronavirus.
The banks’ prime rates determine the interest rate on variable mortgages and home equity lines of credit , among other things. Borrowers of these types of loans will be paying less interest as part of their monthly payments.The Bank of Canada said it cut its target for the overnight rate because COVID-19, as the virus is named, was “a material negative shock” to Canada’s already softening economic outlook.
The cut in the bank’s key rate is the first since the summer of 2015 and brings the rate to a level not seen since early 2018, while the bank had not dropped its rate by that much since the financial crisis.
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