RateSupermarket.ca’s Expert Panel Calls for Fixed and Variable-Rate Consistency
Looking to buy a home in the off-season? The approach of the holidays may slow buyers’ voracious real estate appetites, but this summer’s sizzling rates are expected to stick around. A consistent bond market leads the way for low fixed rate offerings, while the Bank of Canada is expected to sit tight on the variable cost of borrowing this month.
Fixed Mortgage Rates: Unchanged
Mortgage season is beginning to slow and with it, lenders’ competitive practices – but that doesn’t mean fixed rates are in for a hike. Non-action from the U.S. Federal Reserve has left Canadian bond yields within a very tight range, meaning lenders can continue to offer this seasons’ great discounts. Buyers will still access historically low rates for their mortgages over the coming month.
Variable Mortgage Rates: Unchanged
Canada may have experienced a recession in the first half of the year, leading the Bank of Canada to cut interest rates twice since January. While there’s been plenty of speculation over this month’s move, new positive data could mean they can afford to hold off on further cuts for the time being. Combined with a persistently low loonie, it’s not anticipated that there will be any change made to variable mortgage rates this month.
For the full forecast on October Mortgage Rates, check out this month’s panel>