Finally, exciting positive news from the mortgage market! The Bank of Canda (BoC) has just lowered its key interest rate to 4.75%, the 1st cut in over 4 years. This is fantastic news for anyone with a variable-rate mortgage and/or a secured Line of Credit as banks have already started lowering their prime rates to 6.95%. While fixed-rate mortgages won’t see an immediate change, those up for renewal could benefit soon. Even though a quarter-point cut might save you around $100 a month on a $600,000 mortgage, experts predict more cuts ahead, potentially saving you even more! BoC governor Tiff Macklem did say it’s “reasonable” to expect further cuts, but that the bank is making its interest rate decisions one at a time. If you have any questions or need advice on how to maximize these changes, we at Lotus Loans & Mortgages Corp. are here to help!