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📉 Key Points Covered: 1. The Bank of Canada has reduced its Policy Rate by 0.50%, bringing the Prime Rate to 5.95% 2. How this rate drop impacts your variable rate mortgages and loans. 3. Economic indicators influencing the rate drop, including CPI, GDP growth, and employment trends. 4. Predictions for future rate changes and what they mean for your mortgage decisions. 5. Tips on choosing between fixed and variable rate mortgages based on your financial situation. 💡 What Should You Do? • Consider a 3-year fixed rate mortgage if you're struggling with higher payments • Stay flexible with a variable rate mortgage if you can till at least March or April 2024 • Review fixed rate mortgage terms closely to avoid potential penalties if rates drop further • Evaluate a Switch if existing Fixed Rate Mortgage is over 5% 📊 Mortgage Market Insights: • Detailed analysis of bond yield trends and fixed vs. variable rate spreads. • Visual charts showing the trends of various mortgage types over the last 36 months. For more detailed insights, make sure to read our latest newsletter linked below. 🔗 Newsletter Link: www.homenmortgage.ca/post/prime-rate-drops-to-5-95-4th-reduction-since-june-2024 As always, if you have any questions or need personalized advice, feel free to reach out. Don't forget to like, subscribe, and hit the bell icon for more updates! 📞 Contact Me: 647-904-5557 / njoseph@mortgagealliance.com 📱 Follow Me On Social Media: • LinkedIn: www.linkedin.com/in/neiltjoseph/ • Facebook: facebook.com/yhmca/ • Twitter: x.com/SolvedByNeil • Google Business Page: maps.app.goo.gl/2pQoUT1QJXhW7TGAA Thanks for watching, and I’ll see you next time!

For additional info do checkout the links below: • NOSI Details: www.ontario.ca/page/notices-security-interest • FTHB 30-Year Amortization: www.homenmortgage.ca/post/first-time-homebuyers-30-year-amortization-for-insured-mortgages • New $1.5 Million Insured Mortgage Limit: www.homenmortgage.ca/post/new-1-5-million-insured-mortgage-limit

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www.homenmortgage.ca/post/timing-the-market-stick-with-variable-rate-or-switch-to-fixed-rate

www.homenmortgage.ca/post/navigating-your-mortgage-renewal-best-practices-for-homeowners

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