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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

6 January 2020

Conflict between the U.S. and Iran could affect mortgage rates in Canada

The growing conflict between the US and Iran, caused by a top Iranian general killing, may keep mortgage rates low in Canada.

As a rule, each time the conflict gets stronger, investors tend to purchase US-backed bonds and mortgage-backed securities. This leads to lower mortgage rates in the U.S. and in Canada.

According to Holden Lewis from NerdWallet, while it’s a usual scenario, homeowners shouldn’t wait too long.

"No one knows how long the crisis in the Middle East will last, or what will happen next.

Although rates usually go down in response to global instability, it’s still only a tendency, and definitely not a guarantee. During a conflict, it's more reasonable to lock a mortgage rate when you're offered a good variant, than to risk hoping for more declines. Don’t forget, that mortgage rates are already historically low”, - he noted.

In his recent mortgage rate outlook, Lewis says the Fed’s latest tone points to a possible pause for now. However, the last events may change it.

Specialists believe in case the recent events lead to a longer-term conflict, the expenses associated with it, could make the Fed raise the rates. Moreover, the advantages of lower rates may be reduced by growing oil prices.

Now, mortgage rates are just slightly lower than at the end of the previous year.



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