Mortgage Rates : No Change to the Bank of Canada Rate ! — From Peter Paley – Mortgage Broker

                                           
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No Change to the Bank of Canada Rate!

As expected, the Bank of Canada announced today that it is keeping the benchmark rate unchanged. Great news if you’ve got a variable-rate mortgage; the prime rate stays at 3%.

The announcement noted that “given the downgrade to the global outlook, economic activity in Canada is now projected to be a little weaker than previously forecast” and that “the risks associated with household imbalances, while evolving in a constructive way, are still elevated.” With these considerations, the Bank is maintaining its monetary policy stimulus, and is neutral with respect to the timing and direction of the next change.

Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. The next rate-setting day is September 3rd. Fixed rates on the other hand are based on the bond market.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Or you may find that a hybrid mortgage, which is part fixed and part variable, is better suited to your needs. Call today!
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

4.00%

2.49%

1 YEAR

3.09%

2.69%

2 YEARS

3.04%

2.49%

3 YEARS

3.44%

2.77%

4 YEARS

3.94%

2.77%

5 YEARS

4.79%

2.89%

7 YEARS

6.04%

3.79%

10 YEARS

6.50%

4.39%

Rates are subject to change without notice. OAC E&OE

Prime Rate

3.00%

5 yr variable

2.35%

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

 

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