RateSupermarket.ca Expert Mortgage Panel says Mortgage Rates Will Remain Unchanged - For Now

RateSupermarket.ca's Expert Mortgage Panel Says Predictability is On The Horizon

TORONTO--(BUSINESS WIRE)-- Stability is expected to be in store for both fixed and variable mortgage rates - a contrast to continued economic uncertainty on the Canadian and global scale. This prompts the RateSupermarket.ca mortgage expert panel to anticipate little to no change over the coming month. As consistent investor interest fuels low Government of Canada bond yields, fixed mortgage rates are not expected to change for the foreseeable future. Slowing economies in Asia, the Eurozone, as well as on Canadian soil, have experts believing the Bank of Canada will not change its overnight lending rate, and variable mortgage rates will remain unchanged as a result.

Fixed Mortgage Rates: Unchanged

Major movement is not expected for fixed mortgage rates as signs of an economic slowdown and steady Government of Canada bond yields remain the standard. With year-end looming on October 31 for most lenders, however, aggressive pricing may be witnessed for mortgages closing before month-end.

Variable Mortgage Rates: Unchanged

A lack of positive change has been seen on the international economic scale, causing Canada’s economy to slow down as a result. Due to this, the Bank of Canada is not anticipated to raise the overnight lending rate, leading to unchanged variable mortgage rates.

About the Mortgage Rate Outlook Panel

The RateSupermarket.ca Mortgage Rate Outlook Panel is made up of the country’s top mortgage experts. Their purpose is to educate Canadian consumers, enabling them to make informed decisions based on a short-term outlook for variable and fixed mortgage rates.

Mortgage Rate Outlook Panel members:

  • Mark Kocaurek, Senior Vice President, ING DIRECT
  • Dr. Ian Lee, Director of the MBA program at the Sprott School of Business and Chair of the MBA Committee
  • Mary Zenar, Mortgage Broker, Zenar Financial
  • Dan Eisner, MBA. AMP. President, True North Mortgage
  • Elisseos Iriotakis, President, Safebridge Financial

About RateSupermarket.ca

Over 2.5 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada’s largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

Kelvin Mangaroo

Source: RateSupermarket.ca