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Some Canadian mortgage rates are dropping, but renewed loans could keep economy slow
As some Canadian lenders expect central banks, such as the Bank of Canada, to lower influential interest rates in 2024, borrowers can expect a late Christmas present with lower rates on certain types of mortgages. Rates of less than five per cent on specific types of fixed mortgages are on offer — the lowest Canadians looking to finance a home purchase have seen since the late spring. "The last time we saw a five year fixed at around 4.89 or 4.99 per cent was the middle of May [2023], around Victoria Day weekend," said Victor Tran, with ratesdotca, a website that compares mortgage rates, credit card products ... (full story)