Interest rate has dropped 

By Rosalind Russell – For the first time in over four years, Canada’s key interest rate has dropped. 
The Bank of Canada announced this morning it’s lowering the rate to 4.75 per cent, down from 5 which was set last July. 
The rate dictates the cost of borrowing widely in Canada, including what rate we pay on our mortgages and other loans. 
Officials say the decision to lower the rate comes as evidence shows underlying inflation is easing at a sustainable level. 

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