With inflation on the rise in December, the Bank of Canada is expected to maintain its Prime Rate next Wednesday, offering no immediate signs of a decrease. Wondering when rates will go down? I recently contributed to a Zolo article, simplifying this complex topic.
To understand when the prime rate might drop, keep an eye on inflation – traditionally, rates tend to decrease when inflation hits 2% or below. However, if inflation rises, another rate hike isn’t off the table.
“Calla believes that as long as inflation continues to trend close to the Bank of Canada’s 2% target rate, Canadians should expect mortgage rates to fall in mid-2024. But, since no one can accurately predict what will happen, it’s best to take a cautious approach. “In terms of time and how much,” Calla says, “plan for the worst and hope for the best.””
Planning now is crucial for safeguarding and building your wealth. Whether you’re up for renewal or making a purchase, selecting the right mortgage product positions you to take advantage of rate drops swiftly, improving your cash flow.
Just last week, we saved a client an astounding $52,000, thanks to our comprehensive mortgage planning, which includes a rate drop check with every mortgage.
Reach out to us directly to set up your personalized mortgage plan or for an introduction to a financial planner. Your financial well-being is our priority.
Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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