The Bank of Canada has lowered its key interest rate by a quarter of a percentage point to 4.75 per cent. Here's what it could mean for your finances.The Bank of Canada's benchmark rate affects borrowing costs for banks, which means they're able, but not forced, to lower their own lending rates.
Canadian banks also have more flexibility in deciding to cut than they used to. Banks choose how much interest they add to the Bank of Canada rate, and that buffer has widened over the past couple of decades. Those with a fixed-rate mortgage will not see their payments change until it comes time to renew their loans.
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