It’s hard to believe that just a few short months ago the question on everyone’s mind was “when is the Bank of Canada going to start hiking interest rates?” Now, the question is—when are they going to lower them again?
With the banks failing to pass on the complete 0.25% overnight rate cut to customers, many pundits—along with two of the big banks—are now predicting an additional rate cut from the Bank of Canada in March. To add to the excitement, if you’re into this sort of thing, bond yields continued their downward slide last week, causing many to predict a 2.5% five-year fixed rate in our future.
If you’re in the market for a new mortgage—or a renewal—please don’t be shy in reaching out to me. I’m keeping an eye on rates on a daily basis (along with the fine print), so I can point you towards the best mortgage products out there. When rates do drop, it’s important to apply for a rate hold as soon as possible—so you’ll be guaranteed a low rate (as well as a lower one, if they drop further) when you need it.