Canada’s central bank has just cut the prime rate by 0.25%, bringing it down to 6.45%. 🎉 This is a win for anyone with a floating-rate mortgage or considering one!

🌟 What does this mean for you?

• Leading variable rates are now as low as 5.15% (for default insured borrowers) with lenders like Nesto.
• If your mortgage isn’t insured, rates are starting at 5.60%.
• Home equity lines of credit (HELOC) are now back in the 6% range, with some lenders offering 6.95% — and possibly even better rates if you’re highly qualified!

📉 Fixed-rate borrowers, you’re in luck too! With Canada’s five-year bond yields at a 17-month low, we might soon see 3.99% five-year fixed rates for the first time in over two years! 🙌

Now is a fantastic time to review your mortgage options. Whether you’re looking to buy, renew, or refinance, reach out to discuss how these changes could benefit you!

💬 Let’s talk about how you can save on your mortgage. Message me today for a free consultation.

M. 437-484-3273

g.gurjantsingh@dominionlending.ca

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