Canadian Mortgage Rates Market Expected to Cool
RateSupermarket.ca's Expert Mortgage Panel Believes Fixed and Variable Mortgage Rates Will Remain Level in February
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/07/12 -- Recent fluctuations in variable and fixed mortgage rates have left Canadian consumers confused about future mortgage trends. The good news is that February should be less volatile, with 's Mortgage Rate Outlook Panel anticipating both fixed and variable will remain level during the month.
At the end of last year lenders reduced their discounts to prime which increased variable rate mortgages due to tightening margins. Last month they dropped fixed mortgage rates to record lows to kick off 2012 and develop their sales pipelines for the new year. So what's in store for this month?
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The big banks recently dropped their for fixed 4 and 5 year terms to record lows, causing a frenzy in the market. Hyper competition to lock down market share early in the year has started to cool with most of the rate specials ending. Although, spreads between bond yields and current fixed rates still remain attractive (technically lenders have room to drop fixed rates even more!).
However, lenders are likely to practice caution given the continued uncertainty in the global economy and the escalating political and media pressure about low rates fuelling a housing bubble. As a result, our Panel members anticipate fixed mortgage rates will remain unchanged in the short term.
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The next Bank of Canada rate announcement will take place on March 8, 2012. Most experts believe they will hold interest rates steady again, leaving variable mortgage rates unchanged. Given the Federal Bank's recent announcement that it will keep US interest rates low into 2014, coupled with very weak recent Canadian economic data, our Panel members think any alternative action from the Bank of Canada is unlikely.
To read all the detailed commentary from our Panel Members, please visit:
About the Mortgage Rate Outlook Panel
The Panel includes some of the country's top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month's panel members:
About RateSupermarket.ca ()
RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates. Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.
Contacts:
RateSupermarket.ca
Kelvin Mangaroo
Cell: 416-844-2931
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Datum: 07.02.2012 - 14:00 Uhr
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