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Better Mortgage Select Presents: Breaking Interest Rate News - Brought to you by Daniel Patton, Michael Zanzini, Lorenzo Podda, and our President, Dave Butler.

   
   

In a decision that came down to a coin toss according to financial markets, Bank of Canada Governor, Tiff Macklem, announced this morning that the bank will pause its streak of interest rate cuts — at least for now.

 

After seven consecutive rate cuts since last June, totaling a 2.25% reduction, the Bank has decided to hit the brakes, citing concerns over a possible short-term spike in core inflation and the ongoing trade war uncertainty.

 

This pause holds the Bank of Canada’s prime rate steady at 4.95%, with most variable rate mortgage holders paying between 3.95% and 4.65%, depending on their discount to prime.

 

The next Bank of Canada meeting is scheduled for June 4th, just seven weeks away. The key date to watch? May 20th, when new inflation data will be released — a data point that could heavily influence the bank’s next move. In the meantime, global markets remain jittery amid continued U.S. tariff discussions, and we’ll be monitoring everything closely to keep you informed and prepared.

   
   

With financial markets split on whether an interest rate cut would happen this morning, the announced rate cutting pause could spark movement in the bond market (which fixed mortgage rates are based on). Bond yields rose sharply last week, after hitting a three-year low on April 4th.

 

We expect continued volatility in the bond market as traders react to shifting economic signals. In the short term, bond yields may move upward on news of the bank’s decision — and if that happens, fixed mortgage rates could follow suit.

 

IMPORTANT:
If you currently have a fixed rate pre-approval, it’s a smart move to contact our office to confirm your rate hold expiry date. We can help determine if re-locking for another 120 days makes sense — especially with the potential for rate increases in the near term: info@bmselect.ca

   
   

If you’ve been waiting to refinance, or you have a mortgage renewal coming up, now may be the time to reach out. Let’s talk strategy — especially if this truly is the end of the Bank of Canada's rate-cutting cycle (at least for the time being) – info@bmselect.ca

   
   
   

Yes, you read that right.

 

On March 6th, we sent an email highlighting how clients with 3-year fixed rates from 2023 or early 2024 could be losing money by staying locked in. The response was overwhelming. Since then, we’ve helped 76 clients save an average of $8,633 each — no gimmicks, no tricks, just simple math. 

 

Click here to read about how you can save!

 

Or, watch the video below:

   
   

If you signed a 3-year fixed rate in 2023 or 2024, you may be overpaying right now. Get in touch with us to see if you're eligible to switch and start saving immediately.

   
   

With so much happening in the mortgage and interest rate world, our next live webinar, 2025 Mid-Year Review - is one you won’t want to miss.


Join our experts as they break down the first half of the year, share key mortgage and housing data, and provide insight into what the rest of 2025 may bring.

   
   
   
     
   

Just a friendly reminder to come visit us on our socials, where we put out a ton of videos with tips and information to help you navigate the wild world of mortgages! Check out the links below and give us a follow!

   
   
   
     
   

As always, if you have any questions or want to do some mortgage planning, feel free to reach out to us at: