The Bank of Canada held interest rates stable this September. They also announced that they do not expect to make any changes to their key lending rates until 2023, so it is likely that variable rates will remain low for quite some time.
Fixed rates, however, are more volatile and a little more challenging to predict. So much of the interest rate predictions depend on the effects of the coronavirus and potential second wave, which is uncertain at this time. Today, fixed and variable rates are at historic lows, and there certainly may be huge opportunities for our clients to save money by switching their mortgages to lower interest rates.
Lowest Interest Rates Available (at this time):
5 year fixed rate @ 1.84%
5 year variable rate @ 1.8%
Toronto Star recently published an article, and it seems many people are worried about their mortgage maturity coming up during COVID-19. Now more than ever, it’s very important to get independent advice before dealing directly with your bank.
If you are interested in discussing ways to save you money and switch your mortgage to a lower interest rate or discuss your current situation and whether a change makes sense for you, let’s set up a time to discuss your specific situation.