5 Year Fixed 1.89%

5 Year Variable 1.65%

Bank of Canada Continues to Keep Rates Low

Bank of Canada Continues to Keep Rates Low

Date Posted: October 28, 2020

Bank of Canada has announced that they have no plan to change their target overnight benchmark rate until the inflation rates go back down to 2%, which they do not believe is likely until 2023. They have made the decision for it to remain at 0.25%. Though, the economy is showing some signs of recovery from the Covid-19 impact things are still a long way from normalcy.

With interest rates being so low, now may be the time to consider buying a home or refinancing your mortgage. If you are a first-time home buyer there is no better time to obtain a mortgage pre-approval. If your mortgage is coming up for maturity, talk to your Mortgage Broker today.

To read the full CBC News article, click here

Contact your Mortgage Broker today