| Rate | Term | |
| 5-Year Fixed | 5.99% | |
| 3-Year VRM | 5.50%, Prime minus 0.50% |
Bank of Canada
The Bank of Canada lowered its overnight lending rate last week, which in turn allowed the major banks to lower their prime lending rate. The Central Bank cited lower than expected inflation as a driving factor for the reduction. With the holiday season upon us, lower borrowing costs for variable rate mortgages and lines of credit is a welcome relief. The next meeting for the Bank of Canada is January 22nd, 2008.
Quote of the Week
“The person who has no imagination has no wings.”
Muhammad Ali
Paul Croteau
Mortgage Specialist
BMO Bank of Montreal
ph: (905) 321-3230
Paul.Croteau@bmo.com