Bank of Canada Benchmark Rate Falls to 4.94%

//Bank of Canada Benchmark Rate Falls to 4.94%

Bank of Canada Benchmark Rate Falls to 4.94%

Finally! Canada’s big banks lower their 5-year posted rates from the artificial highs they have been sitting at for months. Higher posted rates serves to bolster Bank profits as consumer choose to liquidate midterm and take advantage of today’s historic low interest rates.

But enough about the big Banks…

Down from 5.04% yesterday, a 4.94% Benchmark rate (the rate used for mortgage qualifying with the stress test) is welcomed news for those looking to get into the housing market. This 10 basis point drop (0.10%) equates to $3500 in additional purchase power. Not a lot, but great news nonetheless.

What impact might this have for you and your family, give a Canada Mortgage Direct Mortgage Broker today to learn more. 403.250.2100

Let’s chat…

By |2020-05-22T10:22:55-06:00May 22nd, 2020|Uncategorized|Comments Off on Bank of Canada Benchmark Rate Falls to 4.94%

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