After 2 rate hikes in a row over the summer, finally the Bank of Canada (BoC) held tight this past Wednesday Sept 6th and left Prime as is which means that Bank Prime remains at 7.2%. This does not mean that the BoC will not raise again during the final 2 meeting of 2023, but if there are no more increases then perhaps the Variable rate mortgage special that Lotus Loans & Mortgages has to offer at Prime – 0.9%, net rate of 6.3% is a good bet. If the Bank prime stays as is, the worst case is 6.3% and as soon as Prime starts to drop, than the net rate will fall. For instance, the most popular term right now is the 3 year fixed at a rate of 6.3% so if Lotus Loans & Mortgages can arrange a variable at the same rate and this rate hike was the last, than taking the variable is the correct bet. If you or someone you know is looking for a mortgage and needs to review fixed rate options vs variable rate options, please reach out to us at Lotus Loans & Mortgages.