Loan Digest

What can mortgage holders expect after the Bank of Canada rate cut?

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The quarter-percentage-point cut has borrowers wondering if further cuts are coming and how the reduction will impact their rates, or ability to qualify for a mortgage

It’s official: Canadians can now access lower borrowing costs, following the central bank’s long-awaited interest rate cut on June 5.

In particular, the central bank is focused on bringing Canada’s inflation rate back to its 2-per-cent target. Any further progress on this front – for example, if the May inflation reading comes in below April’s 2.7 per cent – will help pave the way for additional rate cuts. All lenders lowered their prime rate within a day of the BoC’s announcement, with most decreasing their rate to 6.95 per cent from 7.2 per cent.

 

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