VERICO Designer Mortgages

Bank of Canada cut its overnight lending rate by 0.25% to a historic low of 0.25%.

The Bank of Canada also stated that it will keep the key overnight rate at 0.25 percent until mid-2010.

Various Canadian Banks quickly cut their Prime Rates following this announcement by 0.25% to 2.25%.

The Bank of Canada’s next rate announcement is due June 4.

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.

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, 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.