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1 month ago

Mason Martin Homes

It’s hard to believe we’re in August already with just a few weeks of summer left. While mortgages may not be at the top of your mind these days, there has been some news in the mortgage world.

The Bank of Canada recently announced that it has lowered the mortgage stress test qualifying rate for the first time in three years from 5.39% down to 5.19%.

This means that you can now qualify for your mortgage using the new lower qualifying rate which in turn allows you to borrow a larger mortgage. While this move might have a small effect, it is a positive change for those looking to buy their first or next home.

With the U.S. economy showing signs of a slowdown and with what seems like never ending trade wars that appear to be derailing recent good growth, it was no surprise to see the U.S. Federal reserve lower its benchmark rate.

In the past, many times when the U.S. lowers their rate, Canada follows the same pattern. This might not be the case this time around. After a slow start to the year, the Canadian economy is gaining steam. Job growth is solid and real estate prices and activity are showing stronger gains. Canada’s benchmark rate is currently at 1.75% and many economists are predicting that this rate will remain unchanged which would be good news for Canadians. In addition, with the U.S. cutting its rates it is now unlikely that Canada will be raising its benchmark rate anytime soon and the chance of it even going down has also increased.

There is lots of good news out there if you’re thinking mortgages.

The fall market is only weeks away and if you’ve been thinking of buying a home or if your mortgage is coming up for renewal soon, now is the time to reach out to me. I have access to many lenders that are eager for your mortgage and are offering exceptional rates and terms now. Call or message me today and let’s get your rate locked in.
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