Finally some good news from the federal reserve. US Federal reserve chair Jerome Powell confirmed what many market participants had hoped. Federal funds rates ( like our bank rates set by the Bank of Canada) will decline three times in 2024. This is super positive for stocks, bonds and real estate.
Us federal reserve to reduce short term interest rates
- Thread starter Harveyspector
- Start date
2024 is a U.S. election year. Any changes will have to take place in the first 6 months.
History will repeat itself:
"The highest mortgage rate in Canadian history was 21.75% in August 1981 for a 5-year fixed mortgage. This rate stayed at this all-time high until October 1981 before decreasing rapidly over the following months. In fact, mortgage rates two years later in 1983 were almost half of what they were during this peak in mortgage rates in 1981!"
BoC started raising interest rate in March 2022, reaching an all time high in late 2023, next in 2024 I predict the mortgage rate would go back to something like 3.5%.
Still in these 2 years Turdeau took away all of Canadians disposable income, and I'm basically living pay cheque to pay cheque.
And unfortunately I have a variable interest rate on my mortgage, and when I wanted to lock my mortgage in early 2022, the bank guy balantly lied to me saying "there is nothing we can do about your mortgage" when in fact there's an option to lock the rate, so I ended up paying so much more in interest. It's my fault for being naive and believe that asshole from the bank, but you know what, I'm gonna ride it out, and when my property appreciates in value one day, I'll get the last laugh.
"The highest mortgage rate in Canadian history was 21.75% in August 1981 for a 5-year fixed mortgage. This rate stayed at this all-time high until October 1981 before decreasing rapidly over the following months. In fact, mortgage rates two years later in 1983 were almost half of what they were during this peak in mortgage rates in 1981!"
BoC started raising interest rate in March 2022, reaching an all time high in late 2023, next in 2024 I predict the mortgage rate would go back to something like 3.5%.
Still in these 2 years Turdeau took away all of Canadians disposable income, and I'm basically living pay cheque to pay cheque.
And unfortunately I have a variable interest rate on my mortgage, and when I wanted to lock my mortgage in early 2022, the bank guy balantly lied to me saying "there is nothing we can do about your mortgage" when in fact there's an option to lock the rate, so I ended up paying so much more in interest. It's my fault for being naive and believe that asshole from the bank, but you know what, I'm gonna ride it out, and when my property appreciates in value one day, I'll get the last laugh.
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