Why this is the time to get a mortgage
Bank of Canada announces key overnight rate update.
You might not follow the news on interest rates carefully. But the Bank of Canada’s decision to keep interest rates steady and people predicting hikes for July gives house hunters some things to consider.
Here is what you need to know:
The Bank of Canada announced their interest rate just a few days ago. They have been unchanged since January at a rate of 1.65%. But this might not last long. According to economists, the Bank of Canada is keeping us at the edge of our seats for a July rate increase.
So, what does this mean for you?
It is time to get off the couch and start the process of home searching. Make sure you lock in a mortgage rate pre-approval. This will allow you to get a rate hold up to a 120 days.
The next interest rate announcement is July 11. We’ll hold tight to our seats to see what the Bank of Canada has in store for us.
Read Bank of Canada’s full statement here.