The Bank of Canada knows full well that high rates are squeezing borrowers, yet, it’s in no hurry to signal rate cuts and rekindle inflation, warning that it “remains prepared to raise the policy rate further if needed.” Notably, the Bank ditched the “inflationary risks have increased” tune it sang at the last meeting in October. Today’s rate announcement directly affects variable rate mortgage holders.
Key highlights from today’s meeting:
In more positive news, I’ve seen fixed rates starting to come down over the past couple of weeks! Fixed mortgage interest rates are closely correlated to Canada bond yield returns. Fixed mortgage rates tend to move in tandem with changes in bond yields, reflecting broader economic conditions and market dynamics.
As you can see in the chart below the Canada bond yields have been trending downward over the last month leading to mortgage lenders passing on lower fixed rates to borrowers!
As always, I’m here to answer any of your questions and help in any way I can! Book a call to discuss your mortgage questions and needs at www.BookWithJenna.com
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614
Fax: 866-863-0427
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614
Email: jennamortgagebroker@gmail.com
Cell: 250-318-7614 Fax: 866-863-0427