My next Monday Morning Interest Rate Update will be published on August 10. In the meantime, here are some of my recent posts that may be of interest (pun intended):
- This post provides links that will be useful to anyone who is actively looking to purchase a property.
- This post offers my take on the Bank of Canada’s latest policy-rate announcement and its surprising reassurances that mortgage rates will stay low for years to come.
- This post outlines a step-by-step process that existing fixed-rate borrowers can use to determine whether they can save money by refinancing.
My assistant, Melanie Haggerty, will be available in my absence, and I will update the rate table below next Monday.
The Bottom Line: Variable mortgage rates were unchanged last week, but five-year fixed mortgage rates continued to drop as financial markets adjusted to the Bank of Canada’s lower-for-longer view and as COVID-related risk premiums continued to melt away.