This past week in early November 2022 it was announced that Canada’s annual inflation rate held firm in October, likely keeping the BoC on track to press ahead with interest rate hikes.
Remember that bank Prime is up to 5.95% today. The BoC meets on Dec 7th where they likely move Prime upwards by a quarter to a half percent. Fingers crossed that it is only a quarter and hoping this is the last rate hike.
Since we know almost for certain that rates are going up again, if you have a mortgage need for buying or refinancing do it now, not after rates move upwards.
If you know someone in the mortgage market, we at Lotus Loans & Mortgages can speak to them about various rate options like fixed vs variable and short-term vs long term.
In this high rate environment, it is really important for borrowers to speak with a professional from Lotus Loans & Mortgages who is not bias to any one lender.
