Mortgage Rates near All Time Low
Now may be a great time to refinance your mortgage or apply for a new mortgage
Covid-19 caused the Bank of Canada to lower their overnight lending rate 3 times since March; to help boost the economy. The initial reaction to these rate drops by financial institutions was to increase their interest rates, due to the uncertainty in local and world markets. Now that the Canadian economy is stabilizing somewhat interest rates have begun to come down to near all-time lows.
Coupled with the stabilizing economy many areas of Canada are in varying phases of return-to-normal practices, while still self-distancing. As a result, more Canadians are considering entering the housing market and that has put some competitive pressure on interest rates for financial institutions. Interest rates have dropped throughout much of June and now sit near all-time lows. This is a great opportunity for those who are looking to buy a home, refinance an existing mortgage, or transfer their existing mortgage between lenders.
Now with mortgage rates approaching all times lows it may be a great time to consider refinancing your home or applying for a new mortgage.
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