mortgage: Bank of Canada Update - 07/21/10 09:11 PM
I just received an email from a Mortgage Broker that has an interesting update regarding the Bank of Canada today.  See it below.
Bank of Canada Update
The Bank of Canada Announced yesterday that it is raising the target for the overnight rate by a quarter percent.  Banks usually fall in line and will increase their prime lending rates to 2.75%.
Global economic recovery is proceeding but is not yet self sustaining, many economies are still working on repairing their balance sheets.  This ongoing maintenace will temper the pace at which growth happens world wide.  Canada's economy is reacting largely as … (0 comments)

mortgage: Why the Bank of Canada cannot be blamed for rising mortgage rates - 04/06/10 10:07 AM
According to a recent statement by the Canadian Bankers Association, many Canadian consumers are confused by the relationship between the central bank and commercial banks.
The Bank of Canada's rates have very little to do with mortgage rates, the association has explained:
"The Bank of Canada does not set consumer interest rates. While the Bank of Canada rate does influence the pricing of very short-term commercial credit, this is actually less than one per cent of funding for banks," said Maura Drew-Lytle, spokeswoman for the association.
"Longer-term fixed rates are more affected by factors ... such as prices in the bond … (0 comments)

mortgage: Bank of Canada bringing down the rates - 12/09/08 02:48 PM
Below is an email that I just recieved from a Mortgage Broker that we work with.  Great news if you are thinking about getting a mortgage.
Hello everyone, this just in.  Good news as predicted the Bank of Canada has lowered rates.
The Bank of Canada announced today that it is lowering its overnight rate by 3/4 percent. Major Banks in Canada traditionally follow and lower their rates accordingly, which would put their prime rates at 3.25% but we are seeing some banks only lower their prime rate by only a half a point that would put many prime rates at … (0 comments)

mortgage: Rates are falling... NOT THE SKY! - 12/08/08 11:38 AM
Rates are falling...bet on it

Most people now are speculating that it is virtually certain that the Bank of Canada will drop the bank rate by .75%.  We had earlier speculated that it could be .50% or .75% but due to the fact that the government did not release a stimulus package which means the bank feels they need to take more decisive action.
Mortgage Rates get Chopped
Royal Bank and Bank of Montreal cut interest rates recently.  RBC cut their four year by .75%, likely because they don't want to compete in the 5 year market where everyone else … (0 comments)

 
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Jason Beattie

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