The Bank of Canada lowers interest rates and mortgages get cheaper right? Not necessarily. Yesterday customers of TD Bank were told that there would be no rate cut for now as the bank bases those decisions on “a number of factors”. The other major banks have said that no decision has been made yet but that they are assessing the situation. Rates are already low of course and with banks under increasing pressure from regulation and the squeeze on profits from the low oil price they may not be too keen to pass on savings unless they have to. Experts say that the market will decide and certainly if one lender breaks ranks and cuts the cost of its home loans others will likely follow. Historically the banks have followed a BoC rate change but then the current economic conditions are not typical.