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Bank of Canada Rate Announcement - Sept 4, 2024
More exciting news out of the Bank of Canada this morning - they have reduced the overnight rate by another 0.25% bringing the overnight rate to 4.25%! This is great news for variable rate mortgage holders and line of credit holders. This is the Bank of Canada's third consecutive rate cut following a previous cut in July.
"The Bank of Canada's decision to lower the interest rate to 4.25% is a positive step forward. This adjustment will help ease some of the financial pressure that has been put on middle class families, homeowners and potential home buyers over the past few years. While interest rates are still high, we're glad to see the Bank of Canada acknowledging the affordability issues Canadians are facing right now and we’re excited to see more efforts to support both current and future homeowners."
- Lauren van den Berg, President and CEO of Mortgage Professionals of Canada.
It is important to note that if you are a fixed rate mortgage holder or currently in the market for a purchase or renewal and are going the fixed rate route, this announcement does not have any effect on your mortgage rate.
Next Bank of Canada rate announcement is set for October 23, 2024.
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