The Mortgage Minute |
The Mortgage Minute |
Yesterday morning the Bank of Canada cut its policy rate by 25 basis points, lowering it to 3.00%. This is the sixth straight rate cut and will result in a lower prime rate—which affects variable-rate mortgages and other loans.
We anticipate most lenders will lower their prime rates to 5.20% in the coming days, with TD Bank’s mortgage prime, which is priced slightly higher, likely dropping to 5.35%. If you’d like to read more details, you can find the full statement from the Bank of Canada here. How does this impact you?
The Bank of Canada’s next rate decision is scheduled for March 12, so there will be plenty of economic data released in the meantime that could influence the Bank’s next rate decision. As always, if you’d like to discuss how this change affects your mortgage or explore your options, I’m here to help!
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AuthorPaul holds a Master's degree in Business Administration, loves to golf, watch hockey, and drink black coffee. Archives
February 2025
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