When should lock into a mortgage rate?

The Bank of Canada presets annual Interest Rate Policy announcement dates each year. The next Interest Rate announcement in 2018 is scheduled March 7th, and the next Monetary Policy Report is schedule April 18. These are key dates for people to consider when there is pressure on interest rates to change, especially when considering a mortgage.

When there is pressure on interest rates to increase as there is under Canada's current economic conditions, often mortgage lenders will increase their mortgage rates prior to the Bank of Canada interest rate announcement in anticipation of a change; therefore, if someone is considering a new mortgage or refinancing or renewing an existing mortgage, then it is recommended that they speak to a mortgage professional. They may want to commit to a new mortgage in advance of the Bank of Canada interest rate announcement dates posted. This may help them avoid a higher rate.

Similarly, if someone is carrying a lot of debt on high interest rate credit cards, they should speak to a Independent Mortgage Agent to see if debt consolidation is in their best interest.

The Bank of Canada 2018 scheduled interest rate announcement dates are March 7, April 18, May 30, July 1, September 5, October 24, December 5. Monetary Policy Reports are issued every other date and was last issued January 17th.