Interest Rates to Fall Again
The Bank of Canada (BOC)cut it's overnight rate this morning and the banks are responding by lowering the rates on variable rate mortgages. Fixed rate mortgages on the other hand are tied to bond rates and Vancouver mortgage broker tells me that they have been adjusting lower in anticipation of this rate change by the BOC.
Bottom line, if you are planning to buy in the next little while you payments, just went down, or you could spend more money (I think I would vote for lower payments)
Matthew Collinge: Vancouver REALTOR®
