CREA’s latest housing data update indicates the Fall market may have been driven by customers possessing a low rate hold.
Fixed mortgage rates will lower slightly in November, while variable rates will remain unchanged for the long term, according to the RateSupermarket panel.
There’s no cooldown expected for September fixed mortgage rates as government bond yields are pushed higher by worried global investors. Variable rates, however, will remain on course for moderate change in 2014.
Recent mortgage market changes could lead to higher mortgage rates, according to RateSupermarket.ca’s expert panel.
With no change made to the Bank of Canada’s Overnight Lending Rate since September 2010, economists look the the perceived “rate bias” indicated in the wording of rate announcements. This bias is seen as a hint of where rates may go next, and are powerful enough to influence global markets.
As anticipated, the Bank of Canada has announced that the Overnight Lending Rate will remain at one per cent for the time being. However, change is slated for interest rates – as well as the Canadian and global economies – in 2013.