Gina Burgio, Mortgage Agent

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Canadian Central Bank Expected to Lower Rates

The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow.  If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.

Their overnight rate influences the prime lending rates charged by the chartered banks in Canada.  It can affect borrowing costs on variable-rate mortgages and lines of credit.

It will be interesting to see how the Banks react.  The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered banks passed on the full effect to customers.

 

 Gina Burgio

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

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Each VERICO Broker is an independent owner operator.

Gina Burgio

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

VERICO LOGO

Each VERICO Broker is an independent owner operator.

Comment balloon 1 commentGina Burgio • October 20 2008 02:19PM

Comments

Got to follow the mother country of Great Britain.  Other than the auto industry, there is a positive buzz in the market.....and it is showing.

Our clicks on our listings were up an astounding 40%.....and that is on 48 listings as an average.  Something is up.....

Posted by TIM MONCRIEF, Over 2,000 homes sold….. (Keller Williams Realty) about 10 years ago

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