VERICO Designer Mortgages

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. Various Canadian Banks quickly cut their Prime Rates following this announcement by 0.50% to 3.00%.

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

Each VERICO Broker is an independent owner operator.

Tags: Bank of Canada, Canada, CMHC, Debt, Debt Consolidation, Home Equity Lines of Credit, Home Loans, Interest Rates, Line of Credit, loans, Mortgage Broker, Mortgage Rates, Mortgages, Ontario

This entry was posted on Tuesday, January 20th, 2009 at 9:52 am and is filed under Bank of Canada, Banks, CMHC, Debt Consolidation, Economic Crisis, Interest Rates, Lines of Credit, Mortgage Rates, Mortgages, loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.