For a while now we’ve been reading headlines about how interest rates are at “historic lows.” Which is great news for anyone with a variable-rate mortgage, line of credit debt, or who is looking to negotiate for things like car loans or fixed-rate mortgages. But what’s the other extreme? How high have – and could – interest rates go, and what would it mean to your savings if they did?
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Variable mortgage rate discounts have dropped 45 basis points in under two months, despite no change to Bank of Canada interest rates. The disappearing act isn’t over yet, says RateSupermarket.ca’s Mortgage Rate Outlook Panel for November 2011. It’s expected that variable mortgage rates could increase as discounts to prime shrink even more in the short term. The Panel also believes fixed mortgage rates will stay constant; lenders are unlikely to make any hasty decisions given the recent job loss numbers for October and the fluctuating bond market.
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Bank of Canada Governor Mark Carney continues to use the slowdown in the global economy as a crutch to leaving rates near historic lows. He’s again pointing the finger firmly at the European debt crisis indicating he can’t raise rates until the continent is able to gets its issues under control. For the first time he is using the R-word and hinting we could see a “brief recession” in Europe.
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Are you planning on moving house any time soon? Is the thought of the big move freaking you out? Hold on. Before you even get to that stage there are a few things you need to consider first.
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When you own your own business, you still might want to do things like own your own home. Imagine that! Here we take a look at the major issue facing business owners when it comes to getting a mortgage and ways you can get around them.
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