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Key interest rate lowered to 4.25%

The Bank of Canada cut its key interest rate by a quarter of a percentage point Tuesday, citing the increased risks to Canada's economy from the weakness south of the border. The cut lowered the bank's overnight lending rate to 4.25 per cent. It's the first cut in the central bank's key rate in more than 3 years.

The chartered banks quickly lowered their prime lending rates by a quarter of a percentage point to six per cent, effective Wednesday.

Tuesday's interest rate cut will mean cheaper borrowing costs for Canadians with variable rate mortgages, lines of credit and other loans with floating rates.

December 4, 2007 in Arranging Mortgage Financing | Permalink

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