Toronto, ON – (October 10, 2012): Economic factors affecting mortgage rates have seen little change over the past month, prompting RateSupermarket.ca’s expert panel to believe stability is in store for both fixed and variable rates. Fixed mortgage rates are to remain constant as Government of Canada bond yields remain low due to steady investor interest. Slowing economies in the Eurozone, Asia and in Canada indicate the Bank of Canada will not raise its overnight lending rate, and variable mortgage rates will not change in the foreseeable future.
No major movement is anticipated for fixed mortgage rates as Government of Canada bond yields remain steady, and the economy shows signs of a slowdown. However, with October 31 marking year-end for most lenders, we may see some aggressive pricing for mortgages closing prior to the end of the month.
With no positive change seen on the international economic scale, and with Canada’s own economy showing signs of slowing, the Bank of Canada is not expected to raise its overnight lending rate. As a result, variable mortgage rates are not anticipated to change.
About the Mortgage Rate Outlook Panel
The Panel includes some of the country’s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month’s panel members:
- Mark Kocaurek, Senior Vice President, ING DIRECT
- Elisseos Iriotakis, President, Safebridge Financial
- Mary Zenar, Mortgage Broker, Zenar Financial
- Dr. Ian Lee, Director of the MBA program at the Sprott School of Business and Chair of the MBA Committee
- Dan Eisner, MBA. AMP. President, True North Mortgage
About RateSupermarket.ca (www.ratesupermarket.ca)
Over 2.5 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada’s largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.