Drumroll please… and the winner is: Brenna!
Congrats Brenna, I will be contacting you shortly for your shipping address.
The biggest financial news this week has been the rate cuts from both the U.S and Canada. After the world markets crashed on Monday past, the U.S federal reserve held an emergency meeting an dropped their interest rate by 0.75% (the biggest single cut in over 2 decades). The Canadian central bank cut their rate by 0.25%.
As you may have read, there was some controversy as to whether the big banks would follow the central bank rate cut. Never fret, the big banks have pulled through and have all dropped their prime lending rate to match the central bank rate drop. That is great news for variable rate loan holders.
On a side note, those of you getting new mortgages soon, to me it seems best to go with a variable rate mortgage. With interest rates in a dropping environment and 5 yr fixed rates staying sky high relative to bond yields, it looks like variable will remain a better choice in the near future or at least until fixed mortgage rates start following the bond yields again.
Note that this is my opinion only and a mortgage specialist should be consulted before listening to my financial ramblings.
- MDJ participated in the Carnival of Family Life this week which was hosted by Diary of 1. MDJ submitted the article Shopping for a Newborn – The List.
- Thicken My Wallet discusses consumer items that we should always buy on sale.
- Financial Jungle creates a diversified 4.69% yielding portfolio.
Have a great weekend!If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).