Bank of Canada cuts key interest rate

As of yesterday, September 4, 2024, mortgage interest rates in Canada have seen some adjustments. Here are the current average rates:

• 5-year fixed mortgage rate**: Approximately 4.77%.
• 5-year variable mortgage rate**: Around 3.82%.

The Bank of Canada recently lowered its Overnight Lending Rate to 4.25%, which has put downward pressure on variable mortgage rates. Fixed mortgage rates have also slightly decreased due to lower bond yields.

If you’re considering a mortgage, it might be a good time to explore your options and possibly lock in a rate. Do you have any specific questions about mortgages or need help with anything else?