Big news: both the Bank of Canada and the U.S. Federal Reserve just dropped their rates again. If you’re a homebuyer or renewing your mortgage, you’re probably wondering—how much does this actually help you?
Let’s break it down, no jargon:
- How much will you save?
A quarter-point cut could mean about $13–$20 less per month for every $100,000 you borrow. On a $500,000 mortgage, you’re looking at $65–$100 a month in savings.
It’s something, but it probably won’t change your plans on its own. - Should you wait for rates to drop more?
Probably not. Experts aren’t expecting a lot more cuts soon. Plus, if you wait too long, you risk missing out on the right home—or seeing prices climb back up. - Fixed vs. Variable:
The difference in rates right now is small. Fixed gives you certainty; variable offers a bit of flexibility, but not much extra savings at the moment.
Here’s where it gets real:
I get that numbers on a page or in the news don’t mean much unless they’re your numbers. That’s why I offer a simple, personalized mortgage worksheet that shows you—line by line—exactly how a rate change affects your monthly payment. No confusion, no guesswork.
Want to see what these rate cuts actually mean for your budget?
Just ask me for a free, personalized worksheet. It’s the same tool I use for all my first-time buyers, and they always tell me it’s a game-changer for making decisions with confidence.
Reach out directly and I’ll put one together for your exact situation—no pressure, just clarity.
If you would like to tee up a call and talk numbers simply click on this link and pick a time that works best for you and I will call you then.
Have a question about your mortgage or want to compare options? Let’s chat—no jargon, just real answers you can use.