Best mortgage rates - Saint John

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You can either go compare Saint John's current mortgage rates now or look at the latest Saint John mortgage news listed below.

Saint John Mortgage Rates Will Remain Relatively Flat

The Canadian Mortgage and Housing Corporation (CMHC) has reported in their latest Saint John 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.

Saint John 2008 Housing Outlook

The CMHC reported that MLS sales in Saint John dropped during the 1st quarter of 2008 by 12.9% year on year. They expect the resale market to remain strong in historical terms with 2,050 and 1,950 sales in 2008 and 2009, respectively with the average sale price forecasted to rise to $145,000 in 2008, with a subsequent increase to $150,000 in 2009.

CMHC Saint John housing market & Saint John mortgage rate forecast

Census Metropolitan Area		Total Housing Starts	MLS sales	MLS average price	Mortgage rates (1 year)	Mortgage rates (5 year)
Saint John	2007	687	2,253	$140,544	7.35%	7.54%
	2008 (F)	675	2,050	$145,000	6.95%	7.01%
	2009 (F)	625	1,950	$150,000	6.83%	6.97%
Source = CMHC MLS = Multiple Listings Service