Bank of Canada Lowers Over Night Rate.

 

Ritchie Simpson from CENTUM Advantage Financial Group just sent me the following message.

"Well, if you haven't heard by now the Bank of Canada has lowered the Over-night Rate to a new 50-year low of 1%; the Over-Night Rate is the figure the Bank of Canada uses to signal to Canada's chartered banks what they should do with their lending rates.  It appears that the chartered banks will follow this rate with a cut to their own lending rates but for now the best rate available in the market is 4.69%. 

On Jan 22, 2008 almost 1 year ago the Overnight rate was 4% and bank's were lending at 6 - 6.1%. What a difference a year makes."

To get current mortgage rates for your home buying or financing..please contact any of our brokers Darren Ings, Ritchie Simpson or Perri MacNutt at Centum Advantage Financial Group Inc at 902-626-3066

 

 

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