The Lower Bound for Rates
Robert McLister, August 10, 2015
Many argue against variable-rate mortgages given that rates “can’t drop much more.” But while it’s true that rates are near the bottom, there’s still a question of “where’s the bottom?”
The Bank of Canada’s floor for the overnight rate—the rate that drives prime rate—was previously established at 0.25%. It sat at that all-time low from April 2009 to June 2010.
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