On Wednesday, Canada’s central bank officially ended the fastest and most dramatic interest rate-hiking cycle in our country’s history by dropping the benchmark interest rate by 0.25%. This brings our overnight lending rate from 5% to 4.75%, and our central bank governor Tiff Macklem has indicated that more rate drops are on their way. This news has been heralded by our media as welcome relief for everyone that’s been punished by high rates, meaning mortgage holders, but that relief is not going to be as dramatic as many hoped. The reason? Here’s Canada’s historical interest rate chart. Mortgages in Canada […]
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