Bank of Canada Rate Update

This is just a quick note to let you know the good news! The Bank of Canada dropped Prime lending rate by another 0.25% last week! We do hope that this is a trend that will continue. I think it will. It might not be as fast as we would like but at least it is coming down.

Fixed rates are also coming down. If you're in a variable rate mortgage you might be trying to make the decision to lock in to a lower fixed rate now. 

For clients in a variable rate mortgage, the question we get the most is-should I wait a little longer? The best way to answer this question is to ask yourself-"If I lock in today and interest rates continue to come down, will I be ok knowing I cannot get that lower rate without a interest cost to break my term?".

If you are in a fixed rate mortgage and want to see what it would cost to break your term and take advantage of the lower rates, you can reach out to your bank directly to ask them what the early renewal cost would be as well as what their best rate would be to lock in. If you are with a non-bank mortgage lender we can get you their phone # if you don't have it.

As always we are here to help you with all things mortgage!

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