Record Low Mortgage Rates in Ontario See Smooth Sailing Through the Fall
Try and keep this information on the hush, but believe it or not, mortgage rates keep on dropping in Ontario. Take the 5 year mortgage fixed rate for example: It has recently seen a further drop from its 2.99% record low to 2.94% in recent weeks.
August 28th, Toronto, Ontario, Canada
Try and keep this information on the hush, but believe it or not, mortgage rates keep on dropping in Ontario. Take the 5 year mortgage fixed rate for example: It has recently seen a further drop from its 2.99% record low to 2.94% in recent weeks.† Many analysts believed that banks were getting too aggressive earlier in the year, you have to wonder what the same analysts are thinking, seeing these rates continue to drop into the fall. Even looking to longer fixed rates, we are seeing a guaranteed rate on 10 year mortgages at 3.76%.
So the real question is why these rates are so low and will they continue to go lower?† Many analysts believe they could very well do just that. With low yields from Canada bonds and economies other than Canada continuing to falter worldwide, most rates are not anticipated to change any time soon.
The Bank of Canada is also expected to keep its key interest rate through the fall, which will bode well for prime and variable interest rate as well.†
Although the outlook is rosy for the near future, now may be the time to secure a low interest conventional mortgage, private mortgage, second mortgages or even a debt consolidation before these keys factors that are holding interest rates down begin to improve.† Many analysts feel that itís only a matter of time before the bond market, which is closely linked to fixed mortgage rates will improve and there is always an air of uncertainty involving how the world economy will fair in the coming years. ††The bond market especially will not remain this low for long. If you take into account inflation, you will see that most investors are seeing a negative return at this time on their bonds. †This is not sustainable and we should see an improvement in these yields in the coming year.
Home Base Mortgages is a leading Toronto mortgage broker, which specializes in all types of mortgages ranging from home equity loans, second mortgages, private mortgages, mortgage refinancing, home mortgages and hard money lending.
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