03/12/2025
Think you’re getting a 2.75% mortgage rate? Think again! 🔻
1️⃣ That’s NOT the mortgage rate you get!
•The Bank of Canada rate (2.75%) is the base rate banks use to set their own lending rates.
•Banks and lenders add a markup, so mortgage rates are always higher.
2️⃣ Variable rates might drop, but…
•If you have a variable-rate mortgage, your rate could decrease, but not directly to 2.75%.
•Banks decide how much they pass on to customers.
3️⃣ Fixed rates are different!
•Fixed mortgage rates follow bond yields, not the Bank of Canada rate.
•They might not change right away after a rate cut.
Thank you 🙏🏼
“If you’re looking for expert real estate services, I’m here to help! Feel free to reach out anytime.”
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