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Bank of Canada cuts benchmark mortgage rate to lowest level in three years
BY , Aug 13, 2020 5:24 PM - REPORT AN ERROR
A file image of Bank of Canada/ The Canadian Press
The Bank of Canada has cut its benchmark five-year mortgage rate to 4.79 per cent, the second cut in three months.
The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent.
Three-year rates now dropped to 3.75 per cent and one-year rates remained unchanged at 3.09 per cent.
The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent. Lower rates risk propelling housing demand higher.
The Bank of Canada's governor, Tiff Macklem, indicated about a month ago that rates will be kept low until at least 2023.
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