Mortgage Minute 3: Canadian Mortgage Rates and COVID-19
Mortgage Rates continue to be in a state of flux with COVID-19. Here is my latest (March 27, 2020) explanation of what has been happening.
Mortgage Minute 2: COVID-19 and Mortgage Rates
Two weeks ago the Bank of Canada lowered it’s overnight rate by a half percent. This was the largest single day drop since 2008. Just over a week later on Friday the 13th, they did it again in an unscheduled rate announcement.
The major banks didn’t immediately follow suit, but as of today we have seen the banks pass along the full half percent rate drop again.
No Change to Overnight Rate
The Bank of Canada released their statement today and it’s not surprise that they have not changed the overnight rate. The rate which currently rests at 1.75% has remained unchanged since October. The Bank had been gradually increasing interest rates but stopped...Bank of Canada Finished Rate Hikes Until End of 2020 with 40% Chance of Cut
A Reuters poll taken by 40 economists last week has shown that the Bank of Canada will not likely increase interest rates again until the end of 2020. Additionally, there is a 40% chance that we will see them make cuts to rates. The poll cited continued slow economic...
Refinancing While Rates Are Low
The Bank of Canada announced on Wednesday that they will not be changing their overnight rate which is currently 1.75%. The rate has remained unchanged for the last six months (October 2018) and is expected to hold steady for at least most of this year, if not part of...