Rate Update from Louise Mason Mortgages
The Bank of Canada has recently announced that the Overnight rate is holding steady 0.25%, where it has been sitting since the onset of the pandemic. This means, for those who have taken advantage of the low variable rates, your rate will not be changing.
According to the Bank of Canada, “The Governing Council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainability achieved. In the Bank’s July projection, this happens in the second half of 2022."⠀⠀
They have announced they will maintain the quantitative easing program by buying bonds at a target pace of $2b per week. Continued gradual economic strengthening is expected for the second half of 2021. The update from the Bank of Canada will be Oct 27th and rumours/ whispers in the banking world are that a slight rate increase could be announced for this next update.
Right now, variable-rates as low as 1.20% are being offered, and fixed-rates as low as 1.89% are available.
To learn more, or to secure your pre-approval today, fill out our virtual application for pre-approval below, or reach out to me at 587-999-9768, or [email protected]
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1 yr: 1.79% / 2 yr: 1.54% / 3 yr: 1.54% / 4 yr: 1.79% / 5 yr: 1.89%
1 yr: 4.09% / 3 yr: 2.55% / 5 yr: 1.20
Contract us: Louise Mason Mortgages with MortgagePal Canada
587.999.9768 / [email protected] / www.mortgagepal.ca