A new round of Moody’s downgrades has cut the ratings of 6 Canadian banks by one notch. What does this mean for Canadian consumers and borrowers?
The Bank of Canada announcement stated no change to the Overnight Interest Rate, meaning the cost of borrowing will stay at record lows for now. However, their quarterly report shows the Canadian economy is growing at a slower pace than projected last fall.
It’s a new year – but mortgage rates are stuck at the same levels. With the global economy remaining on shaky ground, and government of Canada bonds remaining an attractive option for investors, it’s not expected that fixed or variable mortgage rates will change in January.