Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.
The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.
In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.
Gina Burgio, Mortgage Agent
FSCO Lic. No. M08008590
VERICO Designer Mortgages Inc.
FSCO Lic. No. 10194
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
Each VERICO Broker is an independent owner operator.
Serving Ancaster, Hamilton, Stoney Creek, Dundas, Grimsby, Niagara Falls, St. Catharines, Burlington, Oakville, Toronto, Brantford, Kitchener, Guelph, Milton, Mississauga, and surrounding areas.
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I hope that they all keep cutting and cutting and cutting...
Looks like Canadians are getting a good deal these days.