Mortgage Minute: July 2024
Market News
Mortgage Minute: July 2024
Posted on July 24, 2024
As anticipated, the Bank of Canada has implemented a 0.25% rate reduction. This trend is likely to persist in subsequent meetings. It could potentially accelerate if the US Federal Reserve begins to cut rates in the fall, providing the Bank of Canada with the impetus to adopt a more aggressive downward trajectory.
Fixed rates have continued to decrease slowly. At this point, if they meet an individual's budget and goals, it may be worthwhile to consider 1 to 2-year fixed-rate and variable-rate mortgage products.
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)
☎️ 416-890-1365
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