What All-Time Low Mortgage Rates Mean for Homebuyers

In case you’ve been living under a rock (or, well, not in a house you’re paying for), mortgage rates across the country are experiencing all-time lows. In fact, in early June, HSBC lowered its five-year fixed mortgage rate to 1.99%, becoming the first bank to “crack” the 2% barrier in Canada. While just 10 days ago, Bank of Canada Governor Tiff Macklem held a press conference in which he pledged that the Bank’s overnight lending rate of 0.25% would hold until the country’s inflation rate returns to its 2% target and achieves sustainably.

Original Article Source Credits: Toronto Storeys , https://torontostoreys.com/

Article Written By: Toronto Storeys

Original Article Posted on: July 24, 2020

Link to Original Article:  https://torontostoreys.com/low-mortgage-rates-homebuyers-july-2020/