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Interest rate cut welcome news for homeowners with variable-rate mortgages: experts
– canadianmortgagetrends.com
Variable mortgage rates regaining traction as Bank of Canada cuts rates
– canadianmortgagetrends.com
Some banks rethinking strategy on home mortgage competition
– canadianmortgagetrends.com
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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Weekly Mortgage Digest: CMHC halts dividend payments to boost rental housing
– canadianmortgagetrends.com
