If you’ve recently been asking yourself what’s going on with mortgage rates, you’re not alone. As we start moving towards economic recovery and investors’ optimism of vaccine availability to combat the coronavirus, fixed rates have started to edge upwards.
Bank of Canada
What is a second chance? An opportunity to try something again, a fresh start, or a do over (or if you play golf consider it a mulligan). If you’re a homeowner, the current market conditions may be giving you that second chance right now. You have likely heard that mortgage interest rates have plummeted to very low levels never seen before. And unless you’re a mortgage professional; like most people you’re left wondering if there’s something you should be doing with your mortgage?
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.