What mortgage owners need to know about the Bank of Canada's rate pause
BNN Bloomberg
The Bank of Canada’s decision to hold interest rates on Wednesday will provide relief to variable rate mortgage holders and could spur momentum in the nation's housing market, according to experts.
The Bank of Canada elected to hold its policy rate at 4.50 per cent Wednesday after an interest rate hiking campaign that began in March 2022 and included eight consecutive rate increases.
Leah Zlatkin, a mortgage broker and expert with LowestRates.ca, said in a phone interview Wednesday that the announcement from the Bank of Canada will mostly effect mortgage holders.
“That's [the decision to hold rates] good news for a lot of variable rate mortgage holders who have been very stressed about mortgage rates rising for them. In terms of fixed rates, if you already have a fixed rate, this obviously doesn't impact you at all,” Zlatkin said.
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