Here’s what it means to you:
Lenders will offer very low rates in the foreseeable future on their 5 year Variable and fixed rate.
Some lenders have already announced a drop in their fixed rates.
If your mortgage coming up for renewal in the next 16 months, it is time to contact your mortgage broker to be ahead of the game and take advantage of the new never seen rates as soon as possible
If your mortgage is a Variable one, you will see a notice from your lender of the rate drop in the coming months
Variable rate is adjusted to the Prime rate, what is now 2.85%
Overnight rate drop was an unexpected move by BOC which will impact every home owners with a mortgage one way or another.
More you can find out form our professionals when you ask for your FREE no obligation Consultation