Major Changes in Europe Mean NO Changes in Canada

RateSupermarket.ca's Expert Mortgage Panel Predicts Status Quo on Mortgage Rates

(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/10/12 -- Increased uncertainty in Europe and the wider global economy will cause Canada to sit back and wait before making any major changes to interest rates that could potentially derail its economic growth. While this waiting game plays out, 's panel of mortgage experts expect both fixed and variable mortgage rates to remain unchanged in the short term.

Fixed mortgage rates: Unchanged

Demand for mortgages is moderating in many parts of the country, and there is decreased need for competitive discounting from big lenders to maintain mortgage market share. All these factors point to one conclusion - little change is on the horizon for . Our panel of experts expect fixed rates to remain level for the next 30-45 days.

Variable mortgage rates: Unchanged

The recent French and Greek elections raise concern for the future stability of the Eurozone. Will Greece exit the European Union? If so, how many other debt ridden countries will follow? With so many questions unanswered, our members think the Bank of Canada is unlikely to risk rocking the boat by increasing interest rates any time soon.

This, coupled with the fact that discounts to the Prime rate are not expected to budge given the lack of interest in variable rate terms at the moment, means that will stay where they are in the short term.

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 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, banking, and GICs.

Contacts:
RateSupermarket.ca
Kelvin Mangaroo
Cell: 416-844-2931

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Bereitgestellt von Benutzer: MARKETWIRE
Datum: 10.05.2012 - 13:49 Uhr
Sprache: Deutsch
News-ID 145108
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