Best mortgage rates - Moncton

Moncton Mortgage Rates Will Remain Relatively Flat

The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Moncton Housing Association Market Outlook that posted mortgage rates eased by about 50 basis points in the first four months of this year, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels.

For 2009, posted mortgage rates will begin to drift up slightly as the year progresses. For 2008 and 2009, the one-year posted mortgage rate is forecast to be in the 6.50-7.50 % range, while three and five-year posted mortgage rates are forecast to be in the 6.75-7.50 % range.

Moncton 2008 Housing Outlook

In the first quarter of 2008, the CMHC reported that existing home sales in Greater Moncton were down 8.5% compared to the same period last year. Furthermore, the average number of days required to sell a home had increased to 102 days, up from 100 last year, as ample listings continued to provide an extended selection to potential home buyers. Despite fewer sales, the average price increased 5.9% during the first quarter of 2008. Home sales are expected to drop to 2,650 units in 2008, with a subsequent decline to 2,500 units in 2009. The average sale price is expected to maintain an upward trend, rising to $147,000 in 2008, followed by a further increase to $152,000 in 2009.

CMHC Moncton housing market & Moncton mortgage rate forecast