The rise in interest rates has stalled, at least temporarily, as banks lower rates to compete amidst slowing mortgage growth. Much of the country has seen real estate sales decrease in the last 6 months as mortgage rates increased and the effects of the new stress finally took hold.
Many experts were predicting that both fixed rates and the prime rate would continue to increase into this year after jumping heavily in 2018. However the combination of the slowing market/mortgage growth has caused them to reverse directions in the last 2 months.
We have seen a ½% drop in fixed rates with pressure on rates to drop further in the short term. Nothing is guaranteed however this is the trend we are seeing right now with fixed rates. The prime rate has been flat for a while now and there is talk of a possible drop in prime at some point in time this year as well. We will keep you posted as soon as we hear more information.
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