Posted in Another Prime Rate Cut! This morning the Bank of Canada dropped the overnight rate by 0.25%, which lowers the lending prime rate used by banks and mortgage lenders to 4.45%. How does this impact me?
If you have a variable rate mortgage already, or are considering one, good news - your rate just dropped by 0.25%. With discounts commonly available on variable rate mortgages, your rate should likely be below 4% now. Fixed rates aren't based on what the Bank of Canada does, however, as they are based on bond yields. Given the fact this cut has been widely anticipated for weeks now, you likely won't see any significant movement in fixed rates. That being said, for CMHC insured purchases and transfers, we do already have some terrific 3 and 5 year fixed rate options below 4%.
Want to discuss how the rate cut impacts your situation? Call (613)394-5810 or send us a message today.
