The Bank of Canada has decided to maintain their overnight policy for the first time in a year - holding their rate of 4.5% . As some industry leaders have predicted - The small interest increase in January may be the first and only hike of the year as inflation is slowing. The Bank of Canada prepares to take a step back and evaluate the situation before declaring another increase, after giving eight in a row before today. The next interest rate update is scheduled for April 12th. We are beyond ecstatic to see what the Spring Market has in store for Canadians.
Give us a call in order to see what this means for you and your mortgage!
How Can You Get Ahead of Rate Changes??
Mission35 Mortgages is here to help you navigate everything about mortgages. Check out our top tips on how to be prepared! 1. Get Informed! Let Mission35 help you understand the difference between a variable and fixed mortgage to discover which option will work best for your needs. Click on the link below and chat with a member of our team. 2. Don't Wait! Thinking of buying? Lock in a pre-approval and rate hold to avoid being affected by additional potential hikes. 3. Plan Ahead! Crunch the numbers and perform a personal 'stress test' to determine how future rate changes could affect your budget. When it comes to interest rates, choosing a variable or fixed mortgage rate is up to you! The best thing a person can do is plan ahead. When choosing a lender for your next mortgage or refinancing, regardless of the state of the market, the goal is to always get the biggest bang for your buck. With a little planning and prep, Mission35 can help you get ahead of new rates.
Curious to learn more? Questions and concerns about changing rates? Don't hesitate to reach out, we are here to help and answer questions!