Mortgage Minute: September 2024
Mortgage Minute: September 2024
Posted on September 4, 2024
The Bank of Canada recently reduced its overnight rate by 0.25%, which is expected to bring the prime rate with most lenders to approximately 6.45%. Moving forward, it is anticipated that further rate cuts may occur at each Bank of Canada meeting through the end of the year.
Fixed mortgage rates have also continued to decrease, driven by strong competition between banks in the mortgage market. As a result, 1 to 2 year fixed rates and variable rate mortgages are options worth considering, depending on your financial goals and preferences.
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)
☎️ 416-890-1365
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