There’s a lot of speculation out there as to what is going to happen with mortgage rates.
We receive reports on a weekly basis from lenders and other financial sources and the consensus seems to be that fixed rates should remain relatively flat over the next 3 – 6 months with the possibility of a slight drop in fixed mortgage rates. There is very little pressure on fixed rates to move up at this moment. Having said that things can change very quickly so nothing is ever set in stone in regards to rates.
In terms of variable rate mortgages there is no expectation of any movement in the Prime rate for the next while either. The discount on the variable rate mortgages has been relatively flat as well with most lenders offering .4% – .5% discounts off of Prime for rates in the 2.2% range. While the discount on variable rate mortgages isn’t as attractive as it used to be many people are still using this product for its flexibility in having cheaper penalties than your standard fixed rate mortgage.
If you need any advice regarding your own personal situation please give our office a call anytime.
For more information on our mortgage products please visit our website at www.ymscanada.ca.