Bank of Canada lowers its Overnight Lending Rate by 0.25 per cent

Bank of Canada lowers its Overnight Lending Rate by 0.25 per cent

 

The Bank of Canada has cut its key overnight lending rate by 0.25 per cent, the lowest possible, saying the recession is deeper and will last longer than thought.In a statement today, central bank signalled that depending on the inflation outlook, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 (June).

With this announcement, some chartered banks have already announced to lower their prime rates by 0.25 per cent to 2.25%, effective Wednesday. The other banks are expected to follow.Homeowners with variable-rate mortgages or lines of credit based on the prime rate will welcome this rate drop. If you're uncertain about the direction of mortgage rates, please feel free to contact me.

My passionis to help my cleints to get the best possible financing through my network of charted banks and private lenders.

 

Call me or email me for the best financing.  Asif shahzad (salesperson) dir 416-986-7862

 

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Asif Shahzad

Asif Shahzad

Sales Representative
CENTURY 21 Green Realty Inc., Brokerage*
Contact Me