10/24/2024
Hey Everyone - there is a lot of confusion out there about the "rate cut" yesterday. The Bank of Canada cut its key interest rate only! Fixed mortgage rates have not changed! Variable interest rates linked to the prime rate will change! Your mortgage may or may not be impacted. Your payment may or may not change. If you are in a fixed rate mortgage right now, it is "business as usual", no change. Home equity lines of credit will now enjoy a lower rate.
Clear as mud, right?? Please reach out if you are confused. Mortgages can we complicated...I am here to help.