02 Oct How Recent Bank of Canada Rate Cuts Impact Your Mortgage: What Homeowners and Buyers Need to Know
Posted at 21:54h
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With recent Bank of Canada rate cuts through the summer and into September, here’s what it means for your mortgage:
Adjustable-rate mortgage holders will see a small decrease in monthly payments, leading to increased cash flow. For instance, a mortgage of $750,000 at a 6.20% rate had a monthly payment of $4,924. With the new 5.95% rate, the payment drops to $4,809, saving around $115/month.