Finally, exciting positive news from the mortgage market! The Bank of Canda (BoC) has just lowered its key interest rate to 4.75%, the 1st cut in over 4 years. This is fantastic news for anyone with a variable-rate mortgage and/or a secured Line of Credit as banks have already started lowering their prime rates to 6.95%. While fixed-rate mortgages won’t see an immediate change, those up for renewal could benefit soon. Even though a quarter-point cut might save you around $100 a month on a $600,000 mortgage, experts predict more cuts ahead, potentially saving you even more! BoC governor Tiff Macklem did say it’s β€œreasonable” to expect further cuts, but that the bank is making its interest rate decisions one at a time. If you have any questions or need advice on how to maximize these changes, we at Lotus Loans & Mortgages Corp. are here to help!