Mandeep  Toor

Mandeep Toor

Broker of Record

OMAXE REAL ESTATE INC. BROKERAGE

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416-731-7774
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What the Bank of Canada rate cut means for mortgages.

What the Bank of Canada rate cut means for mortgages.

If banks move their prime rate down, it will have an immediate effect on borrowers with variable-rate mortgages, just as they’ve felt the brunt of rising rates.

Those with a fixed-rate mortgage will not see their payments change until it comes time to renew their loans.

Fixed-mortgage rates are determined by what happens to the bond market, which, while also affected by Bank of Canada rate decisions, is based on overall investor confidence. The market had already largely priced in the rate cut.

 

 

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