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Mortgage payments: Understanding timing and avoiding confusion
– canadianmortgagetrends.com
Why fixed rates haven’t dropped that much yet
– canadamortgagenews.ca
Everything is playing out as expected. Fixed rates have begun to fall, slowly. But this isn’t unusual or unexpected. If you’ve followed interest rate hikes and cuts, you’ll see a familiar pattern.
When the cost of funds goes up, interest rates go up almost immediately, usually within a day or two. When the cost of funds goes down, it can take upwards of 3 weeks for rates to come down. It’s the same with gasoline prices. You hear in the news that oil prices have gone up and almost immediately, that increase is reflected at the pump. When oil prices fall, it can take 3 to 5 days for the cuts to be reflected at the pumps. That’s just the way it is.
A little more insight…
In case you didn’t know, there are 2 things that directly affect mortgage rates..
VARIABLE RATE MORTGAGES..
The Bank of Canada rates will directly affect your Variable rate. When the Bank of Canada cut the rate on June 5th, the Bank Prime rate went down by the next day…
