Bank of Canada Rate drop

2024-10-24 | 10:31:10

The Bank of Canada cut its key interest rate by 0.5% to 3.75%, making the prime lending rate now at 5.95%. The thing to remember here is that the key interest rate influences variable-rate mortgages. It does not influence changes to fixed-rate mortgages. The bond market impacts fixed rates, which happened to increase this week.

For advice when choosing a fixed or variable-rate mortgage, I'm happy to go over things with you and provide more information. I am just a call away.