Bank of Canada maintains the rate steady. This means your variable rate mortgage remains unchanged. The announcement states clearly, this rate is the effective lower bound, will stay until inflation marker reached, and quantitative easing will continue.
“As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support. This QE program is making borrowing more affordable for households and businesses and will continue until the recovery is well underway. To support the recovery and achieve the inflation objective, the Bank is prepared to provide further monetary stimulus as needed.”
So, best to assume your existing variable rate mortgage rate should not drop further, but skyrocketing rates are not in the near future either.
Next scheduled announcement is Sept 9.
Further assessment by Dominion Lending Centres Chief Economist, Dr. Sherry Cooper https://dominionlending.ca/news/chief-economist/bank-of-canada-holds-rates-steady-and-continues-qe-program/