📢 Bank of Canada Update: Let’s Clear Things Up!
Mar 12, 2025·By Jesse Hazen Mallery
📢 Bank of Canada Update: Let’s Clear Things Up!
You’ve probably seen the headlines: “Bank of Canada lowers rate to 2.75%!”
Sounds exciting, right? But let’s break down what it really means for your mortgage.
🚨 That 2.75%? It’s Not Your Mortgage Rate
That number refers to the overnight lending rate — the rate banks use to lend money to each other. It’s important, but it’s not the rate you’ll see on your mortgage.

What Actually Matters to You:
✔️ Prime Rate is now 4.95%
This is the key number for variable and adjustable-rate mortgages.
✔️ Fixed Rates?
They’re influenced by the bond market, not the Bank of Canada’s decisions. So if you’re in a fixed-rate mortgage, you won’t see an immediate change.

What Does This Mean for You?
- Fixed-Rate Mortgage: Your rate and payments remain unchanged.
- Variable or Adjustable-Rate Mortgage: Your interest rate (and possibly, your payment) may shift depending on your lender and mortgage terms.
Questions About Your Mortgage?
Let’s connect. Whether you’re wondering how this affects your current mortgage or thinking about next steps, I’m here to help.
📩 Message me anytime — I’ll walk you through it.
