RateSupermarket.ca Expert Panel Says Fixed Rates Could Be In For A February Dip
Valentine’s Day may be over, but February still holds the possibility of record low mortgage rates – and what’s not to love about low monthly payments?
Fixed mortgage rates have the capacity to drop this month, as bond yields have trended lower during January and the start of February. Variable rates, however, aren’t expected to budge as the Bank of Canada sticks to the status quo on growth and inflation benchmarks.
Low Rate Alert! 5-year fixed rates have dropped as low as 2.89% in Ontario, Nunavut and Northwest Territories! Click below for details.
Fixed Mortgage Rates: Down
Bond yields have trended lower over the month of February, prompting some lenders to lower their five-year fixed mortgage rates to as low as 2.99 per cent. As long as unstable market factors linger, the possibility of further rate reductions remain.
Variable Mortgage Rates: Unchanged
Despite a weaker Canadian dollar, it’s unlikely that the Bank of Canada will take the opportunity to raise its central interest rate; growth and inflation levels are still far below their benchmarks. It is not anticipated that variable mortgage rates will change this month.
This month’s panel members:
Ron Butler, Mortgage Broker, Verico Butler Mortgage
Dan Eisner, MBA. AMP. President, True North Mortgage
Dr. Ian Lee, Program Director, Sprott School of Business, Carleton University
Kelvin Mangaroo, President, RateSupermarket.ca
This post is also available in: French