? We continue to watch Canada’s financial news to see how it will affect you!
The Bank of Canada will have their fourth meeting of the year on June 1 and we expect the overnight lending rate to increase again.
We will keep you updated as that happens, but in the meantime we have some light reading about the overnight rate and how that trickles down to your mortgage rate! ? This is a great article that covers what the Bank of Canada does and how it operates and how it sets the overnight lending rate. The overnight lending rate directly corresponds to the prime interest rate set by the major banks, and this rate affects financial products like mortgages and credit cards.
Read the full article here: Overnight rate vs. prime rate explained
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