The Bank of Canada may have surprised the mortgage sector with its pullback of already-low interest rates, but consumers haven’t felt the savings yet.
 
The BOC cut its cash rate to 0.75% to make it cheaper for commercial banks to make money, but experts believe discounts for mortgage payments will likely fall short.
 
"The banks will charge whatever the market will bear, unless there's a change in demand," said Colin Cieszynski, chief market strategist at CMC Markets in Toronto. "If people still accept the mortgage rates banks are offering now ... then it's a win for the banks."
 
The country’s biggest banks didn’t show signs of lowering their rates, when it was expected that lenders would slash prime rates from 3% to 2.75%.
 
So far, only Royal Bank and Scotiabank said they would explore their options. TD Bank was one of the banks that didn’t budge to change their prime rates at all. 

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