Rate Cuts and Pending Deals – A quick note
As the dust starts to settle on yesterday’s Bank of Canada rate cut, here’s some clarification on what happens next.
To all my pending clients or clients with something on the go, your rates will be automatically adjusted downward.
For new clients, prospective purchasers, or people that want to take advantage of these falling rates, don’t hesitate to reach out to my office today. I am happy to discuss how you can take advantage of this.
Your best interest is my only interest.
As always, I welcome your comments, calls and questions.
Steve Garganis 416 224 0114 steve@mortgagenow.ca
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As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.
CanadaMortgageNews.ca 
Hi Steve
Rates adjusted going down automatically are only for those with variable rate mortgages no? Fixed rates won’t be impacted I thought?
On Fri, Mar 6, 2020 at 1:46 AM CanadaMortgageNews.ca wrote:
> Steve Garganis posted: ” As the dust starts to settle on yesterday’s Bank > of Canada rate cut, here’s some clarification on what happens next. To all > my pending clients or clients with something on the go, your rates will be > automatically adjusted downward. For new clie” >
Hi Esther,
Variable rates have been affected by the Bank of Canada reducing their Target Rate by 1.00% in two weeks. If you are in an existing Variable rate mortgage, you will see your rate go down by 1.00%. That will come into effect on April 1st. If you are in the middle of applying for a mortgage today, you will see Variable rate pricing has increase over the last week. It’s gone from Prime less 1.00% to Prime less 0.05% and some banks are at Prime plus 0.60%.
Fixed rates have also gone down and up. They went down to 2.29% for hi ratio insured mortgages, and are now up to 2.64%. Conventional mortgage have gone from 2.49% to 2.94%.
read this article as it will explain in more detail.. http://bit.ly/3bdtuDo
Hope this helps.
thank you
Steve