Posted AT 8:16 AM EDT on 31/01/08
Variable-rate mortgages shine as prime falls
Interest rate cuts like the one announced yesterday by the U.S. Federal Reserve are providing some badly needed leverage to people renewing or taking out new mortgages.The Fed pared half a percentage point off its benchmark interest rate yesterday, an echo of a larger cut made last week. The Bank of Canada has been trimming rates as well, and the trend is expected to continue as a result of slowing economic growth.
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