Bank of Canada cuts benchmark mortgage rate for 3rd time in months

Author: External Author | | Categories: Debt Consolidation , First Time Buyer Mortgage , Mortgage Broker , Mortgage Pre-Approval , Mortgage Refinancing , Mortgage Services

House-hunting Canadians saw their buying power increase this week as the benchmark five-year mortgage rate reported by the Bank of Canada fell for the third time this year, easing a key stress test faced by borrowers.

The central bank said the rate fell to 4.79 per cent, after decreasing to 4.94 per cent in May and to 5.04 per cent in March.

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Original Article Source Credits: Global News ,

Article Written By: Tara Deschamps

Original Article Posted on: August 13, 2020

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