With mortgage rates bottomed out, it’s time for homeowners to take advantage

Article Link: https://business.financialpost.com/moneywise/with-mortgage-rates-bottomed-out-its-time-for-homeowners-to-take-advantage

Discussion posted by: David McNamara

For most people, their home is by far their largest expense. So when the coronavirus pandemic arrived, that’s where Canadians needed the most help. To soften the financial blow, the Bank of Canada slashed its key policy rate three times in March. It’s held steady at this “effective lower bound” ever since. The best borrowers can now find a 5-year fixed mortgage rate as low as 2.14 percent, the cheapest since 2016. Kari Geddes, an agent with Uxbridge Mortgage Solutions in Ontario, predicts rates will stay this favourable for up to two years, based on Bank of Canada trends.