Barrie Mortgage Blog
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Big News: Bank of Canada Cuts Interest Rates Again!
July 24, 2024 | Posted by: Della Dwyer - Your Trusted Barrie and Surrounding areas Mortgage Broker
The Bank of Canada has decreased its policy interest rate for the second consecutive time and signalled more cuts are coming if inflation continues to ease.
What You Need to Know
The 25 basis points reduction brings the overnight rate to 4.5%, a level not seen since June 2023.
This follows last month's cut from 5% to 4.75%, the first reduction in more than four years.
Why This Matters
Bank of Canada Governor Tiff Macklem stated that the decision is based on economic data showing slack in the labour market, excess supply in the economy, and a continued drop in inflation. If inflation eases as expected, more rate cuts could be on the horizon.
What to Expect
Economists and big banks predict the Bank of Canada could cut rates up to four times by the end of 2024.
The speed of these cuts will likely depend on actions by the Bank of England and the U.S. Federal Reserve.
The next interest rate announcement is scheduled for September 4th.
What You Can Do
This is a pivotal time for mortgage rates, and these changes could bring new opportunities for your financial strategy. Whether you're considering refinancing or exploring new mortgage options, now might be the perfect time to review your situation. I'm here to help you navigate these changes and make informed decisions. If you have any questions or would like to discuss how these rate cuts might benefit you, please don't hesitate to reach out.
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently.
Please contact us for these unpublished rate specials.
| Terms | Posted Rates | Our Rates |
| 1 YEAR | 8.04% | 6.69% |
| 2 YEARS | 7.64% | 5.84% |
| 3 YEARS | 7.24% | 4.99% |
| 4 YEARS | 7.04% | 4.94% |
| 5 YEARS | 7.04% | 4.69% |
| 7 YEARS | 7.20% | 5.65% |
| 10 YEARS | 7.69% | 6.05% |
Insured mortgage rates, subject to change. Conventional and refinance rates may be higher.
Some rates may not be available in all provinces. Consult a local Invis professional for more information. OAC. E&EO
| Prime Rate | 6.95% |
| 5 yr variable | 6.00% |
Crunch the numbers and explore different scenarios with our website calculators.
