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Canada’s central bank just tossed borrowers another bone with a quarter-point rate cut. That has brought Canada’s benchmark prime rate down to 6.45 per cent, directly benefitting floating-rate borrowers.
Leading variable rates are now as low as 5.15 per cent (if default insured) at the likes of Nesto. You’ll shell out at least 45 basis points more (5.60 per cent) if your mortgage is uninsured.
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As for home equity lines of credit, they now start with a “6” again. A slew of lenders dropped HELOC rates to 6.95 per cent, but you might be able to negotiate even less if you’re super well qualified.
The same forces pushing the Bank of Canada to cut rates are also helping fixed-rate borrowers. Fixed rates are benchmarked to bond market yields, which are currently tanking faster than the Liberal government’s reelection hopes.
One popular gauge of the price lenders pay for mortgage funds is Canada’s…
