Mortgages and Interest Rates, Oh My!

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Introducing our friend, valued client, and Mortgage Broker extraordinaire, Melanie Babineau!

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I’m excited to introduce myself as a Mortgage Broker with the Flare Mortgage Group! While Flare began in Sherwood Park, I’m proud to be the first member of the team based in the Calgary area, specifically in Cochrane. Flare Mortgage Group offers genuine and expert information to ensure our clients receive excellent service and the best product for their unique situation. My passion lies in educating homebuyers by walking them through every step of the mortgage process, and making sure they feel confident and well-informed along the way.

One of my favorite topics to chat about is credit, and I’m always happy to share tips and tricks with anyone who’s interested in learning more!

Bank of Canada Cuts Interest Rate: What You Need to Know

On October 23, the Bank of Canada lowered its key interest rate by 0.50%, bringing it down to 3.75%. Many lenders have responded by reducing their prime rate to 5.95%. This is the most significant rate cut since they started decreasing in June, and the largest since March 2020.

Bank of Canada Governor Tiff Macklem emphasized the importance of economic growth, stating: “We need to stick the landing.” With inflation back to 2%, the Bank aims to encourage stronger growth. More rate cuts may be on the horizon, but the timing will depend on upcoming economic data.

How does this impact you?

This decrease affects variable and adjustable-rate mortgages and loans, though fixed-rate mortgages won’t be impacted directly, as they are tied to the 5-year bond yield, which has remained steady.

Have any questions or looking for a pre-appoval? Contact me at 403-478-4830 or melanie@flaremortgagegroup.com, or book into my calendar at https://calendly.com/melanie-flaremortgagegroup.

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Thank you,

Your Costen Insurance Brokers!