Perch | Mortgages, simplified’s Post

📣 The September Mortgage Outlook is now live! - For September, we anticipate fixed rates will continue to decrease mildly and variable rates will drop following an expected 0.25% rate cut by the Bank of Canada on September 4th. - Our current best 5-year fixed rate is 4.29% and 5-year variable rate of 5.55%. Read more here: https://bit.ly/3Tf4cNH #interestrates #mortgage #outlook #bankofcanada #realestate #rateannouncement

If you're considering buying a home or renewing your mortgage, it's important to stay informed about the Bank of Canada's interest rate changes. These updates can significantly impact your mortgage costs and financial plans. ✔️ Impact on Mortgage Rates: When the Bank of Canada changes its interest rate, lenders often adjust their mortgage rates. If the rate goes down, you can save a lot of money over the life of your mortgage. ✔️ Budgeting: Being aware of possible rate changes helps you budget better. If you expect rates to go up, you can decide whether to lock in a fixed rate or go with a variable rate. ✔️ Market Trends: Changes in interest rates can significantly impact the housing market. By understanding these trends, you can make well-informed choices when it comes to buying or selling a property. Staying updated on the Bank of Canada's rate changes is crucial for your home buying or mortgage renewal process. It guides you through the financial landscape, helping you make smart decisions that can save you money and reduce stress. If you have any questions regarding real estate or financing, don't hesitate to contact our team! . . . #knowledgebroker #knowledgerealestate #realestate #mortgages #financing #bankofcanada #rateupdate #mortgagerates #interestrates #rates #knowledgebrokermortgages

If you're considering buying a home or renewing your mortgage, it's important to stay informed about the Bank of Canada's interest rate changes. These updates can significantly impact your mortgage costs and financial plans. ✔️ Impact on Mortgage Rates: When the Bank of Canada changes its interest rate, lenders often adjust their mortgage rates. If the rate goes down, you can save a lot of money over the life of your mortgage. ✔️ Budgeting: Being aware of possible rate changes helps you budget better. If you expect rates to go up, you can decide whether to lock in a fixed rate or go with a variable rate. ✔️ Market Trends: Changes in interest rates can significantly impact the housing market. By understanding these trends, you can make well-informed choices when it comes to buying or selling a property. Staying updated on the Bank of Canada's rate changes is crucial for your home buying or mortgage renewal process. It guides you through the financial landscape, helping you make smart decisions that can save you money and reduce stress. If you have any questions regarding real estate or financing, don't hesitate to contact our team! . . . #knowledgebroker #knowledgerealestate #realestate #mortgages #financing #bankofcanada #rateupdate #mortgagerates #interestrates #rates #knowledgebrokermortgages

📉 Bank of Canada Drops Rates by 25 Basis Points 📉 Finally, after a 2-year long wait, the Bank of Canada has reduced the interest rate by 25 basis points today! What does this mean for your variable rate mortgage? A variable rate mortgage changes with the market. Your payments can go up or down depending on the rate changes. With this recent drop, your mortgage payments will decrease. To put it into perspective, every 25 basis point (0.25%) change on a $500,000 mortgage balance will increase or decrease your monthly mortgage payment by approximately $70-80. So, you can expect your mortgage payment to be lower starting next month! This is great news for anyone with a variable rate mortgage! #nationalbankemployee #bankofcanada #pennymortgage #variablemortgage

Fixed vs. variable mortgage rates—what’s the difference, and which is right for you? 🤔 A fixed-rate mortgage means your rate stays the same throughout your term, so even if the Bank of Canada lowers rates, your payments won’t change. It’s all about stability and predictability! A variable-rate mortgage, on the other hand, fluctuates with the market, so when rates drop, you’ll likely pay less. However, if rates rise, so could your payments. In today’s declining interest rate market in Canada, locking in a fixed rate means you won’t see a change in your rate when the Bank of Canada makes adjustments. But, if you have a variable rate, your payments could decrease as rates go down. Still unsure which option fits your goals? There are pros and cons to both options. There are many things to consider when deciding what is best for your situation. Reach out to me anytime for tailored advice and guidance! I'm here to help! ☕️ #MortgageTips #FixedRate #VariableRate #BankOfCanada Let's Chat! 🌟 Carla Sturm | Mortgage Broker e. carla@carlasturmmortgages.com p. 778.241.8605 w. carlasturmmortgages.com

📣 The June Mortgage Outlook by our Head of Mortgage Advisory Ali Hussin is now live! ✍ Key Takeaways: - The Bank of Canada has cut their policy interest rate, which brings it to 4.75% as of their latest interest rate announcement. - For the month of June, we anticipate fixed rates will continue to decrease and variable rates will also trend lower as Lenders adjust their prime rate following the 25-basis point rate cut issued by the Bank of Canada.  - Today’s best mortgage rates are 4.70% for 5-year fixed and 5.85% for 5-year variable. https://bit.ly/3KGsOKP #interestrates #mortgage #outlook #bankofcanada #realestate

Well as anticipated, the Bank of Canada lowered it's overnight rate by another 50 basis points on Wednesday, following the same move at the end of October. We are now looking at a 1.75 rate drop in total since the first downwards adjustment was made in June of this year. This realtor would like you to see, on a variable rate mortgage, what the mortgage payment implications are comparing one of the best 5 year variable rates (conventional mortgage) in May 2024 of 6.25% versus today at 4.75% using a $500,000 mortgage amount in both scenarios. Same amortization of 25 years, gives us this comparison: May 2024: $3,274 per month vs December 11th 2024: $2,837. This is a difference of almost $450 per month! Something to consider if you're contemplating buying or refinancing. I have several very experienced and knowledgeable mortgage brokers at hand who'd love to help you or someone you know out! #yyj #victoriabc #yyjrealtor #bankofcanada #mortgages #yyjrealestate

"How has the market changed?" It's been almost two months since the first rate drop from the Bank of Canada. People are expecting to see changes when, in reality, we won't see any changes for at least three months. Give the two rate drops of 0.25% each the time they need and we will see their impact on the real estate market. This could be a rise in home buyers, a rise in home prices, or maybe even nothing at all. Before home prices begin to change, we need qualified home buyers to enter the market. This means they need to get approved for mortgages that they're happy with. Today, qualified buyers are still unhappy with today's mortgage interest rates. #fredtamrealestate #torontorealestate Book a FREE Q/A with me: https://lnkd.in/gw-d7i5U

🚨 Big News: Rate Cuts and New Mortgage Rules! 🚨 The Bank of Canada has cut its key interest rate by 0.5%, bringing it to 3.25%. This lowers the prime lending rate to 5.45% and impacts variable-rate mortgages only, fixed rates remain unchanged. Starting December 15, 2024, new mortgage rules take effect: ✅ $1.5M price cap for insured mortgages ✅ 30-year amortizations for first-time buyers ✅ 30-year amortizations for all new home builds These changes are set to boost market activity. Curious how this impacts your buying power? Let’s explore your options together!

With the Bank of Canada expected to continue to lower the key interest rate, 12.9% of new mortgage borrowers have opted to select the variable rate mortgage hoping to reap the benefits of a lower interest rate market. Choosing a variable-rate mortgage requires resiliency to the highs and lows of the key interest rate that the Bank of Canada may alter throughout your mortgage term. This type of mortgage carries more risk, making it less suitable for those who prefer financial stability and predictability. However, for those who are okay with up and down periods and see the positive potential return of a lower mortgage payment if the market continues the way it is moving then a variable rate mortgage may be for you. If you're looking to get more information or guidance on what type of mortgage is best suited for you, reach out today to book a meeting with me! #mortgageadvice #mortgagebroker #variableratemortgage #mortgagepayments #BOC #interestrate