Since September 2010 the overnight interest rate has sat at 1 per cent, and now it's even lower
In a surprise move, the Bank of Canada has lowered its target for the overnight rate by one-quarter of one percentage point to 0.75 per cent.
What's this mean to homeowners with mortgages, or people looking to buy a home or even a car this spring?
Your Mortgage Rate
If you've got a variable rate mortgage, a drop in the rate means your monthly mortgage rate payments are likely going to be less. But, why not take the money you're saving each month to make a lump sum on your mortgage at a later date? It will help you chip away at your mortgage principal faster helping you pay it off sooner.