CANADA - Canadians looking for mortgages, car loans and business loans are getting a break as the Bank of Canada yesterday cut its influential interest rate again by a half-point to a record low of 0.5%.
Commercial banks immediately follow suited. Effective today the Royal Bank of Canada and the Bank of Montreal both cut their prime lending rates. Other Canadian banks cut lending rates as well.
Lower interest rates will help boost the Canadian economy by allowing new home owners to get mortgages easier, as well as car and business financing.
The United States Federal Reserve lowered its prime lending rate to 0% back in December 2008.
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