Скачать или смотреть Bank of Canada cuts the prime rate September 2024 and signals more to come.

This morning, the Bank of Canada announced a 0.25% cut to the policy rate. This lowers the retail prime rate from 6.70% to 6.45%. That translates into a $15 monthly reduction for every $100,000 of mortgage debt!

But what does this really mean for you?

The Bank's move reflects a Canadian economy with excess supply and a softening job market, signaling a supportive approach with less restrictive interest rates.

Heads up: Fixed-rate mortgages remain unaffected by today’s announcement. They are driven by bond yields, which had already factored in this rate cut.

Mark your calendar 🗓️ for the next Bank of Canada meeting on October 23rd. Have questions about how these changes impact your mortgage? Feel free to reach out—I’m here to help!

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