Once again, as expected, the Bank of Canada reduced the overnight lending rate. This is good news for us in a variable rate mortgage as the rate went down another half a percent.
If you're in a variable and have been for the last year you've seen some great savings. If you've kept your payments at the original amount, the savings are even more drastic, in the long run, not up front. This will cut years off your mortgage.
No one knows how long it will take until the rate starts coming up, which is more than likely going to happen at some point in time. With fixed rates staying low, and potentially becoming lower, locking in in the near future will be a no brainer!
Take care
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