On October 24th, the Bank of Canada announced it was raising the benchmark interest rate by a quarter of a percentage point to 1.75%. It means that the base rate in variable mortgage products will likely increase to 3.95%* for most lenders. So the biggest question on people’s minds, “Is it time to lock into a fixed-rate mortgage?”
*Cases vary as different lenders may have different base rates for their variable-rate mortgage products.
Vince Gaetano, Principal Broker at MonsterMortgage.ca shares his insights on what expectations you should have in terms of the rate hike and suggests steps to consider regarding your next mortgage. To learn more please watch this video.
Call 416-480-0234 before your next mortgage and we will help you keep more money in your pocket so you can live the life you want.
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