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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





10 June 2019

Mortgage rates reached the lowest level in 2 years

Canadian interest rates for the most popular mortgage product reached the lowest level in almost two years. Moreover, they can go even lower by the end of this year.

Today, you can find a five-year fixed-rate of 2.7%-2.8%.

Last time we’ve seen such numbers was in summer 2017, and specialists don’t expect a hike in the nearest future.

It’s very odd that five-year fixed-rates now are almost at the same level as variable ones.

As a rule, variable rates are about 0.5% lower, which is offset by the possibility of a change.

The overnight rate affects the mortgage market, especially the variable rates.

Usually, the central bank reduces its rate in order to stimulate the economy, as lower interest rates drive borrowing and spending activity.

Although not many specialists call for the rate cut in 2019, the average forecast says the Bank of Canada will keep the pause in the nearest future.

Today, Desjardins Senior Economist Benoit P. Durocher, said the rate environment will not change during the next several months, but he still pointed to certain global uncertainties, including the trade conflicts, which could make the BoC act.

“Nevertheless, the Bank can’t ignore numerous uncertainties in the world economy, especially in terms of the trade issue”, - he added.

 

 

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