{"id":12120,"date":"2019-04-10T10:10:51","date_gmt":"2019-04-10T17:10:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12120"},"modified":"2019-03-27T11:37:35","modified_gmt":"2019-03-27T18:37:35","slug":"signs-point-to-lower-canadian-mortgage-rates-this-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/04\/signs-point-to-lower-canadian-mortgage-rates-this-year\/","title":{"rendered":"Signs Point to Lower Canadian Mortgage Rates This Year"},"content":{"rendered":"

Experts see signs that mortgage interest rates in Canada may continue dropping this year.<\/p>\n

In a note sent to clients this morning, BMO Senior Economist Robert Kavcic points to the fact that five-year government bond yields have been declining, a key indicator for where five-year fixed mortgage rates are headed.
\n\"\"<\/a>
\nChart: BMO Economics<\/p>\n

\u201cFive-year fixed mortgage rates tend to follow close behind …..\u201d he continues.<\/p>\n

Some 68 percent of mortgages taken out last year had fixed rates, according to Mortgage Professionals Canada, versus 30 percent who initiated variable or adjustable rates and 2 percent who opted for hybrids.<\/p>\n

Big banks use five-year government bonds to fund the five-year fixed-rate mortgages they lend, hence the link.<\/p>\n

During times of economic uncertainty, investors seek safer investments, such as bonds. As demand for bonds rises, so do prices, trimming the yields they offer.<\/p>\n

Kavcic muses whether peak five-year fixed rates for this cycle are already in the rearview mirror. \u201cQuite possibly. If not, any rebound probably won\u2019t run much higher than recent 3.5% levels,\u201d he adds.<\/p>\n

The BMO economist is not the only one who thinks rates may be heading further south.<\/p>\n

James Laird, co-founder of mortgage-comparison website Ratehub and president of CanWise Financial, agrees. \u201cThe pressure continues to be downward,\u201d he tells Livabl, noting five-year fixed rates are now back down to 3 percent.<\/p>\n

Laird adds that homebuyers should consider variable rates moving ahead. Variable rates fluctuate with the Bank of Canada\u2019s policy rate. Although the central bank has hiked its policy rate five times since the summer of 2017, it now seems doubtful the Bank of Canada will increase rates this year.<\/p>\n

\u201cSome people are even predicting they may decrease [the rate],\u201d says Laird.<\/p>\n

That\u2019s a far cry from market expectations late last year, when the general consensus was one or two more hikes this year.<\/p>\n

\u201cWhat happened since then is ….. the Canadian Q4 (fourth quarter) economic data came out, and economic growth was much lower than was expected, and so that really turned everyone bearish,\u201d says Laird. \u201cAll this latest stuff is good news for people who have a variable rate.\u201d<\/p>\n

Signs Point to Lower Canadian Mortgage Rates This Year<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Experts see signs that mortgage interest rates in Canada may continue dropping this year. In a note sent to clients this morning, BMO Senior Economist Robert Kavcic points to the … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-12120","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"\nSigns Point to Lower Canadian Mortgage Rates This Year • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/04\/signs-point-to-lower-canadian-mortgage-rates-this-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Signs Point to Lower Canadian Mortgage Rates This Year • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Experts see signs that mortgage interest rates in Canada may continue dropping this year. 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