The Bank of Canada raised rates for the 8th time since March 2022 this past Wednesday, January 26th by a ¼% which means that the Bank Prime rate is 6.7%. That is the highest level in 15 years!

The BoC alludes to the fact that they will likely pause any further rate increases which I believe will bring some stability back into the mortgage/housing market.

What is interesting is that we had a Lender lower mortgage rates 1st thing yesterday morning on the fixed rate side so Lotus Loans & Mortgages Corp can offer a 3-year fixed rate at 4.99% and a 5-year fixed rate at 4.89% which is about 1% less than just a few months ago and should be better than any big bank offer today. It may actually be that we are in a sweet spot timing-wise in terms of buying now that prices are down and fixed rates have also recently fallen.

If you know someone who has a purchase or refinance closing soon and they are looking for the best mortgage rates, send them my way. Lotus Loans & Mortgages Corp will shop the market and find the best rate with the most suitable product. And remember, the service is free since Lotus Loans & Mortgages Corp is paid by the Lender.