Bank of Canada is Holding the Overnight Interest Rate at 1.75%

Author: Home Resolution | Mar 24, 2020 | Categories: Buying a Second Home , Century 21 , First Time Home Buyer Mortgage , GTA Real Estate , Home Equity Line Of Credit , Homes For Sale , Houses For Sale , Mortgage Agent , Mortgage Broker , Mortgage Edge , Mortgage Property , Mortgage Renewal , Mortgage Services , New To Canada Mortgage , Purchase Mortgage , Real Estate Agent , Real Estate Services , Realtor , Reverse Mortgage , Switch Mortgage

Good news for both home buyers and home owners because that means there is no expected increase in the mortgage interest rate, at least until the next scheduled announcement on September 4, 2019.

For home buyers, take advantage of this holding pattern to get a pre-qualification so you know how much you can afford and the monthly mortgage payment amount.

For homeowners, if you are on variable rate mortgage, your monthly mortgage payment amount will not change. If you choose to switch to a fixed term mortgage, you can take advantage of the lower rate and lower your monthly mortgage payment amount. Free up some cash from your cashflow for things that are urgent and important to you or your family.

In any case, if you have questions about the interest rate and how it will affect your mortgage, feel free to contact us and we’ll be happy to answer your questions.