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Variable mortgage rates regaining traction as Bank of Canada cuts rates

– moneysense.ca

The decision by the Bank of Canada to cut its key interest rate target this week was good news for borrowers with variable-rate mortgages, bringing back some of the shine for the once popular loans.

The rate cut prompted big commercial banks to lower their prime rates, which are used to set the rates charged for variable-rate mortgages.

Toma Sojonky, a mortgage broker at Verico Paragon Mortgage Group in West Vancouver, B.C., says variable-rate mortgages are beginning to regain some traction with clients after falling out of favour when the rate-hiking cycle began.

“I think there are folks who understand that the pendulum is swinging the other way,” he said.

Those with a variable-rate mortgage have had a wild ride since the start of the pandemic.

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