Bank of Canada Update: What's Happening With Variable Rates?
What's Happening With Variable Rates?
The Bank of Canada made another change today!
Let's talk about what the Bank of Canada change means, what's happening with interest rates right now, and where are the opportunities going forward in the marketplace?
What does that mean to you?
The bank announced that with the quantitative easing program continuing to work, the interest rate is staying the same.
The key rate today is at a 0.25%. Quantitative easing is a program that's allowing us to keep interest rates low.
There are some predictions that second quarter will hit the economy harder than anticipated, we're going to continue to see that program continue to keep interest rates low for at least the next six months. That program is specifically for fixed rates.
What about variable rates?
Outlook on variable rates are good. Right now, we're anticipating no recovery until at least 2023. This means, if you're in a variable rate right now, enjoy it! There are opportunities that you could refinance your current variable for a lower rate. Talk to us if you're wondering about that.
If you're in a fixed rate, and it's above 2.69%, talk to us because you're spending too much money right now! There's a very good chance we can get you into a lower interest rate product.
If you're wondering anything else about the Bank of Canada, what's happening, or what to expect, just reach out to myself or the team here at Thrive, and we will be happy to take care of you.
Have great day and we'll talk to you soon!
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