{"id":12157,"date":"2019-04-15T15:15:54","date_gmt":"2019-04-15T22:15:54","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12157"},"modified":"2019-03-29T16:59:54","modified_gmt":"2019-03-29T23:59:54","slug":"a-spike-in-mortgage-applications-in-3rd-quarter-of-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/04\/a-spike-in-mortgage-applications-in-3rd-quarter-of-2019\/","title":{"rendered":"A Spike in Mortgage Applications in 3rd Quarter of 2019?"},"content":{"rendered":"<p style=\"text-align: justify;\">There could be a spike in mortgage applications in the third quarter if a rate forecast from the British Columbia Real Estate Association is realized.<\/p>\n<p style=\"text-align: justify;\">The association\u2019s economists are expecting interest rates to ease during much of 2019 as weaker economic conditions force a hold-steady from the Bank of Canada.<\/p>\n<p style=\"text-align: justify;\">If 5-year bonds maintain their current level, there should be a move for the 5-year qualifying mortgage rate, which has not moved for almost a year.<\/p>\n<p style=\"text-align: justify;\">Their forecast calls for 5-year qualifying mortgage rates to fall from 5.34% in the first quarter of 2019, to 4.99% in the second quarter, and reaching a year-low of 4.84% in the third quarter.<\/p>\n<p style=\"text-align: justify;\">Rates are then predicted to climb to 5.15% in the last quarter of 2019 and early 2020 before plateauing at 5.34% for the rest of 2020.<\/p>\n<p style=\"text-align: justify;\">The 5-year average discounted rate is set for a drop to 3.44% in Q2 2019 (from 3.60% in Q1), then a low of 3.30% in Q3 before climbing back to 3.44% in Q4, 3.64% in Q1\/2 2020, and 3.74% in Q3\/4 2020.<\/p>\n<p style=\"text-align: justify;\"><strong>BoC to cut rates?<\/strong><\/p>\n<p style=\"text-align: justify;\">There are some economists predicting that the BoC may actually cut rates in 2019 rather than just maintain their current level.<\/p>\n<p style=\"text-align: justify;\">However, BCREA\u2019s economists do not expect this, favouring a rate freeze in their outlook.<\/p>\n<p style=\"text-align: justify;\">The outlook also notes that longer term, when the BoC moves towards a \u2018neutral\u2019 interest rate, its stated intention, the corresponding hike in the level at which mortgage borrowers are stress-tested will make that policy unsustainable under its current methodology.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/why-the-third-quarter-of-2019-could-see-a-spike-in-mortgage-apps-255949.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Why The Third Quarter of 2019 Could See A Spike in Mortgage Apps<\/a> by Steve Randall | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There could be a spike in mortgage applications in the third quarter if a rate forecast from the British Columbia Real Estate Association is realized. The association\u2019s economists are expecting &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/04\/a-spike-in-mortgage-applications-in-3rd-quarter-of-2019\/\">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-12157","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Spike in Mortgage Applications in 3rd Quarter of 2019? &#8226; 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\/a-spike-in-mortgage-applications-in-3rd-quarter-of-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Spike in Mortgage Applications in 3rd Quarter of 2019? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"There could be a spike in mortgage applications in the third quarter if a rate forecast from the British Columbia Real Estate Association is realized. 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