The truth of the matter is no one can say with 100% certainty where mortgage rates in Canada will be headed. Mortgage rates in Canada are always changing, as is the Canadian economy, the Canadian job market and other world financial markets as a whole.
In this article Rob McLister provides his opinion on the various factors that impact mortgage rates in Canada.
Experts and observers alike agree that it is extremely likely mortgage rates in Canada will continue to remain at a historically low level for most of 2013; however, there are those who speculate that there may also be the possibility of a slight rate increase to Canadian mortgage rates near the third or fourth quarter of 2013. Of course, there is no guarantee of that happening – what we can do is examine the facts and factors related to the mortgage market in Canada. The article linked to earlier does a good job of summarizing the factors that could both push up – or pull down Canadian mortgage rates.
If you’re looking to secure a mortgage towards the purchase of a new home, or if you’re looking to refinance your mortgage in order to consolidate any high interest rate debt that you accumulated over the holidays, now is an excellent time to do so. Mortgage rates continue to sit at historical lows with both excellent fixed mortgage products and variable mortgage rate products available.
If you think it is time for you to take advantage of historically low mortgage rates or to get a better understanding of what may become of your current variable rate mortgage don’t hesitate to contact your trusted mortgage advisor.
Good Luck in 2013!!!
P.S. for more detailed analysis on Canada’s mortgage market in 2013 watch for the MonsterMortgage.ca Newsletter due out in a couple of weeks.
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