- The prime rate does, but lenders decide how much of that cut they will pass on to consumers. If you have a variable mortgage, you are now paying less; sixty per cent of the two recent cuts are now reflected in lower variable rates. Take advantage and keep your payments the same so you pay off your principal faster.
- Fixed rates don’t, they are influenced by the bond market.
- Variable mortgage approvals don’t, they are based on a qualifying rate, which means your borrowing power likely won’t increase.
Overview
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