mortgage rates: TD Bank 1st to Move to Adjust Rates
- 10/29/08 11:04 PM
Three times this month Toronto-Dominion Bank, Canada's second-largest bank, has been first to lower its prime rate following decisions by the Bank of Canada (the central bank) to lower its overnight rate. Toronto-Dominion's biggest rivals followed suit the same day. For example, on Oct.8, TD Bank was the first to announce a cut that day with a statement at 1 p.m., followed by Canadian Imperial Bank of Commerce (CIBC) 43 minutes later. Royal Bank of Canada, the country's largest bank, was next at 2:32 p.m., followed by Bank of Nova Scotia and Bank of Montreal. Two days later, the banks … (2 comments)
mortgage rates: Bank of Canada cuts rates by 0.25 percent
- 10/24/08 11:45 PM
The Canadian Central Bank cut rates today by a quarter point to 2.25%. This rate cut today by the Bank of Canada was left than the half point cut expected by some economists. The reaction to this was also seen by the Canadian Dollar... falling to a three-year low following today's announcement. It will be interesting to see how various Canadian financial institutions react today to the news... in terms of their prime rates and mortgage rates. The Central Bank commented however that it would likely have to lower rates further to combat the effects of the global financial crisis. "In line … (1 comments)
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