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 The bank of Canada is reducing the key interest rate today. A¼ point drop will put pressure on the chartered banks and other mortgage lenders to lower variable rates for mortgages and lines of credit that float with prime. Time will tell the actual rate cuts lenders will make on the variable rate mortgages. Don't expect fixed rate mortgages to change as they are more closely tied to the bond markets. If you have questions about which route is the best for you, an independent mortgage broker is the best place to start.