# BoC Rate Date - July 24, 2024 ![Swimming](https://d2r7yk1mqahd04.cloudfront.net/images/Swimming.png) ### July 24, 2024 # Sun, swim, rate cut, repeat. [Email link](https://mailchi.mp/truenorthmortgage/boc-rate-up-by-5383645?e=%5BUNIQID%5D) The Bank of Canada [cools](https://www.truenorthmortgage.ca/blog/mortgage-rate-forecast) its policy rate with *another* **0.25%** cut — to **4.50%**. Most bank prime rates will fall to **6.70%** (not including [lender](https://www.truenorthmortgage.ca/about-us/think-financial) variable-rate discounts off prime). ## Like the bliss of a cold pool on a hot day. This second chillin' rate drop adds a SPLASH more rate relief. It also gives a good 'dive' vibe — that a [downward](https://www.truenorthmortgage.ca/blog/mortgage-rate-forecast) trend is starting for real. After June's first rate drop (in 4 years!), the **hopeful** expectation for this next one almost drained away, when May's inflation suddenly increased. (The BoC wants to see a continued **decline** to its 2.0% target). But, we didn't panic and kept **planning** our True North pool party. Happily, June's inflation came back in line, and here we are! > ### Some factors contributing to today's rate drop: > - June's inflation rate [cooperated](https://www.truenorthmortgage.ca/blog/mortgage-rate-forecast), down to 2.7% from 2.9% last month > - Higher unemployment rate of 6.4%, the highest in 2 years > - Tepid Q1 2024 economic growth of 1.7% > - Deflated business and consumer sentiment > - Burdened Canadian household budgets (seen in reduced retail spending) ## What's swimming in the economic pool now? We do the laps, push through the details, and focus on what makes rates go (hopefully down now). Read CEO Dan Eisner's **2024 Mortgage Rate Forecast** for a heads up to get out of the pool, or stay for a soak. **[2024 RATE FORECAST](https://www.truenorthmortgage.ca/blog/mortgage-rate-forecast)** --- ## Hey Prime Rate, how *you* doin'? What's a [prime rate](https://www.truenorthmortgage.ca/blog/prime-rate-mortgages-explained) doing, hanging out with the banks and lenders? It's both an interest rate and a market device. It affects your **mortgage rate** (variable rate directly and fixed rate indirectly) and acts as an economic and mortgage cost **thermometer**. A **hotter** prime rate (like it is right now) indicates a stressed economy and works to cool down borrowing and spending. A **cooler** one heats these up again to revive the economy when it's sluggish. Learn more below about how to 'read the room' for prime rate's **impact** on your mortgage decisions. **[GET TO KNOW PRIME RATE](https://www.truenorthmortgage.ca/blog/prime-rate-mortgages-explained)** --- ## Our mortgage experts are like water wings. Or pool noodles. Or a shark floaty. Your highly trained broker helps your budget stay afloat — with great rates, unbiased advice, and personalized service to support your home-owning goals (and even make your mortgage [process](https://www.truenorthmortgage.ca/mortgage-solutions/pre-qualify-in-minutes) fun). ### Tips on getting a better renewal rate. 6 tips (and 1 myth dispelled) to help you spend less on your mortgage. **[RENEWAL LIFE-RAFT](https://www.truenorthmortgage.ca/blog/negotiate-a-better-mortgage-renewal-rate)** ### Ah, the 'posted rate' mirage. You see a good rate — but does it really exist? Learn more about posted vs. **actual** rates. **[REAL OR NOT REAL?](https://www.truenorthmortgage.ca/blog/posted-rates-vs-actual-rates)** ### Swim, then towel off in your summer home. Thinking of taking the plunge for a vacation home purchase? We can help you save money and time. **[VACAY HOME BUY](https://www.truenorthmortgage.ca/mortgage-solutions/vacation-and-second-homes)** --- **Mortgage Payment Relief:** For example, going from a 5-year variable rate of 5.75% to 5.50% on a $500K mortgage with an original 25-year [amortization](https://www.truenorthmortgage.ca/blog/extended-amortizations) — you'll pay about $74 less interest per month. Use our great calculators below to spin some numbers, then [apply](https://apply.truenorthmortgage.ca/apply) with us for your best rate and product. **[MORTGAGE PAYMENTS](https://www.truenorthmortgage.ca/tools/payments-calculator)** · **[COMPARE AND SAVE](https://www.truenorthmortgage.ca/tools/savings-calculator)** · **[HOW MUCH HOME?](https://www.truenorthmortgage.ca/tools/affordability-calculator)** --- ## Pools are usually in the backyard. ### Which brings us to your home (maintenance). (Apologies if your pool is in your front yard.) Here are some helpful summertime tips and tasks that can save you money and stress. **[HOME MAINTENANCE CHECKLIST](https://www.truenorthmortgage.ca/blog/your-summer-home-maintenance-checklist)** --- ## Cannonball! Our rates *really* make a splash. At True North, we're [obsessed](https://www.truenorthmortgage.ca/about-us/about-us) with lower rates — showering as many homeowners as we can with rate savings and expert advice. In fact, we clear the competition by offering a volume [discount](https://www.truenorthmortgage.ca/rates) and finding a better mortgage fit for your unique situation. There's nothing worse than thinking you have a great rate, only to pay more [fees](https://www.truenorthmortgage.ca/about-us/fees) or have less flexible [options](https://www.truenorthmortgage.ca/mortgage-solutions/pre-payment-penalties-and-privileges) than you thought. Looking to buy your [first](https://www.truenorthmortgage.ca/mortgage-solutions/first-time-home-buyers) home, [next](https://www.truenorthmortgage.ca/mortgage-solutions/buying-your-next-home) home, or need to [renew](https://www.truenorthmortgage.ca/mortgage-solutions/renewals-transfers) or [refinance](https://www.truenorthmortgage.ca/mortgage-solutions/refinancing-options)? Contact us for a **rate hold** to protect you from rate volatility, just in case! ## [EASILY APPLY](https://apply.truenorthmortgage.ca) online now **OR** ## [TALK TO A BROKER](https://www.truenorthmortgage.ca/company) in your preferred language **[COOL RATES, HOT DEALS](https://www.truenorthmortgage.ca/rates)** --- ### Dive into great mortgage advice - [Can't decide on variable rate FOMO or JOMO?](https://www.truenorthmortgage.ca/blog/should-you-choose-a-variable-or-fixed-rate) - [Need a flexible mortgage solution?](https://www.truenorthmortgage.ca/mortgage-solutions/complex-mortgages) - [Porting your rate may help you save](https://www.truenorthmortgage.ca/blog/what-is-mortgage-portability) - [2024 Housing Market Forecast](https://www.truenorthmortgage.ca/blog/housing-market-forecast) - [Can you break your mortgage to get a lower rate?](https://www.truenorthmortgage.ca/blog/how-much-will-it-cost-to-break-your-mortgage) / /