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, RateSupermarket.ca’s panel of mortgage experts expect both fixed and variable mortgage rates to remain unchanged in the short term.
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There have been talks about Canada’s subprime mortgage industry getting out of control as the banks turn more and more clients away who have less than perfect credit. Who are these so called less than perfect clients turning to?
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You might be wondering what a cash back mortgage is – it is exactly what it sounds like. When your mortgage funds you receive a set percentage back in cash to go towards, well whatever you want! Some will turn around and use a 5 per cent cash back amount as their down payment, a sly move around the minimum down payment required to qualify for a mortgage in Canada. The pro with this type of mortgage is that you can do whatever you want with the cash back!
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RateSupermarket.ca’s expert mortgage panel predicts hike in fixed rates, but stability in variable rates this month. The spring real estate frenzy has started early this year, perhaps due in part to record low fixed mortgage rates in March. Sadly for borrowers, all good things must come to an end. To paraphrase the old saying, “what goes down must come back up.” As such, fixed rates are expected to rise this month, according to some experts. Conversely, RateSupermarket.ca’s Mortgage Rate Outlook Panel is anticipating variable mortgage rates to remain unchanged in April.
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A survey found that 43 per cent of Canadian homeowners would be in a bind if interest rates were to increase. 4 out of 10 claimed they would feel pressure if rates would rise as little as two per cent while 1 out of 5 said the same two per cent increase would hurt their ability to service their mortgage. Only 57 per cent felt that their mortgages would still be affordable if mortgage rates increase. But how likely is a 2 per cent increase in mortgage rates?
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