Bank Of Canada Raises Benchmark Interest Rate
On Tuesday June 1, 2010, Canada’s retail banks raised their prime lending rates by 25 basis points. Royal Bank of Canada (RBC), TD Bank, Bank of Montreal (BMO), CIBC, Desjardins, National Bank, and Laurentian raised their prime lending rates to 2.50%.
However, BMO lowered its 5yr fixed rate mortgage rate by 10 basis points to 4.25%
This comes as the Bank of Canada decided to raise its benchmark interest rate to 0.5%, the first increase since mid 2007.
– Investment & Economic Outlook 2010
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