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Saturday, May 25, 2024

Bank of Canada rate cut watchers starting to look past the summer

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In 2024, Canada’s economy has demonstrated unexpected strength, leading to speculation in the rate market about potential inflation. Bond yields, which influence fixed mortgage rates, have been fluctuating, with recent increases prompting concerns about fixed-rate spikes. However, experts suggest that fixed rates will remain stable as long as Canada’s five-year yield remains below approximately 3.85%. Market projections have pushed the anticipated Bank of Canada interest rate cut to around July, indicating that significant rate relief may still be several months away. Meanwhile, current fixed and variable mortgage rates have remained unchanged, with movement expected to depend on upcoming improvements in inflation or unforeseen economic developments.

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