Wednesday, 14 August 2024
By Mortgage Outlet
Leah Zlatkin interviewed by the Toronto Star: ‘Lenders see more homeowners pick variable-rate mortgages after Bank of Canada rate cuts’
Leah Zlatkin, licensed mortgage broker and COO of Mortgage Outlet, said the recent volatility in global markets combined with a weak U.S. labour report in July have intensified speculation that the Bank of Canada could cut rates up to three more times this year, leading homeowners or prospective buyers to consider variable-rate mortgages.
“We could be at the beginning of a resurgence of interest in variable rates,” said Zlatkin. “Many that were hesitant to lock into a variable until they were more confident in further rate cuts may feel more at ease choosing a variable rate now. Even so, it’s a good idea to run the numbers with a broker to make sure that a variable makes sense in various scenarios, including if overnight rate cuts are further delayed.”
