January 20, 2009
BMO Matches BoC Rate Cut
BMO wasted no time today in becoming the first big bank to announce they were lowering their prime rate by 1/2%.
Their press release came out just 2 minutes after the Bank of Canada's 9:00am ET announcement.
RBC, TD, CIBC, and Scotiabank followed a bit later in cutting their prime rates to 3.00% as well.
The move will be naturally be applauded by borrowers. Canadians started a virtual riot the last time big banks didn't match the BoC's rate cut in December.
In BMO's case, the news may be tempered somewhat due to the recently reported increase in its line of credit rates. However, BMO's cut set the tone for the rest of the market so that's a positive.
Laurie Anne Faulkner
Mortgage Broker
Mortgage Broker
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