Annual Recap: Mortgage Rates and Mortgage Trends in 2011
Mortgage News / Mortgages

Annual Recap: Mortgage Rates and Mortgage Trends in 2011

If you’ve been carrying a variable rate mortgage, 2011 has been a great year for you. The Bank of Canada held their target for the overnight rate at 1% all year long and subsequently none of the major banks change their prime rates, currently steady at 3%. This resulted in no change to monthly payments for variable mortgage holders, and those of you on Prime – 1% are very lucky! Continue reading »

Bank of Canada Announces No Change to Overnight Lending Rate
Economic News / Mortgage News / Mortgages

Bank of Canada Announces No Change to Overnight Lending Rate

Variable mortgage holders can rest easy knowing that their mortgage payments are not expected to increase any time soon. Once again the Bank of Canada announced that they will leave the target overnight lending rate constant at 1%. This means that Prime rates will also stay the same and therefore variable mortgage rates. The Bank of Canada stated the following reasons for holding the course: Continue reading »

The Case of the Disappearing Variable Mortgage Rate Discounts
Mortgage News / Mortgage Rate Outlook Panel / Mortgages

The Case of the Disappearing Variable Mortgage Rate Discounts

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. Continue reading »

Bank of Canada Interest Rates Unchanged, Inflation Under Control
Economic News / Mortgage News / Mortgages

Bank of Canada Interest Rates Unchanged, Inflation Under Control

Surprise! The Bank of Canada kept their target for the overnight rate at its current level of 1%, the 9th straight time it’s done so since the last increase on September 2010. Well, let’s be honest, it really wasn’t a surprise, the decision was widely expected by industry experts. The supporting commentary on the global and national outlook was more important this time around as the markets and economists were waiting to hear the Bank of Canada’s outlook on growth. Continue reading »

Mortgage Lenders Shifting Consumers from Variable to Fixed Mortgage Rates
Mortgage News / Mortgage Rate Outlook Panel / Mortgages

Mortgage Lenders Shifting Consumers from Variable to Fixed Mortgage Rates

A great shift is happening in the mortgage market as lenders are enticing Canadian consumers to deeply discounted fixed mortgage rates and away from variable mortgages. Low bond yields continue to provide lenders with room to manoeuvre and offer better pricing on fixed products, says RateSupermarket.ca’s Mortgage Rate Outlook Panel for October 2011. Our Panel believes the short term fixed mortgage rate trend is down. Continue reading »