Bank of Canada Excepted to Lower Interest Rates

By
Mortgage and Lending with VERICO Designer Mortgages Inc.

Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960.

Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates.

Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.

Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

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Comments (1)

Bob Anderson
Remax Jazz Inc. - Oshawa, ON

Great News Gina.

 

The market in Oshawa and Whitby seems to be moving along fairly well and this should keep it that way.  Thanks for the update.

 

Dec 08, 2008 01:57 PM