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The Bank of Canada Rate Heads Lower

If you were anywhere around the radio or TV last night it was hard to miss the news that the Bank of Canada rate tumbled another 1/2% to 3.0%.  Fears of the US economic slowdown affecting Canada prompted the cut. 
 
Although the reason for the cut isn't good news, this rate cut should soon trickle down and mean lower mortgage interest rates.  The bottom line for home buyers is more money in your pocket and the ability to afford a more expensive house. 
 
Some experts are also predicting more rate cuts in near future.  If you are arranging a mortgage you may want to consider a floating mortgage with the ability to lock rates in at a time of your choice.  That way you can follow the rates downwards and lock in before rates start to climb.  Of course, consult a mortgage professional before making any big decisions.
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