{"id":13772,"date":"2019-10-01T11:11:10","date_gmt":"2019-10-01T18:11:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13772"},"modified":"2019-09-27T10:30:49","modified_gmt":"2019-09-27T17:30:49","slug":"5-year-fixed-rate-to-drop-to-2-77-then-level-off-for-a-full-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/5-year-fixed-rate-to-drop-to-2-77-then-level-off-for-a-full-year\/","title":{"rendered":"5-Year Fixed Rate to Drop to 2.77%, Then Level Off for a Full Year"},"content":{"rendered":"

Five-year discounted mortgage interest rates are still falling and will drop to an average of 2.77% by the end of the year, then hold firm for a full year, according to the BC Real Estate Association\u2019s latest forecast.<\/p>\n

The average fixed five-year rate in 2019\u2019s third quarter is expected to be 2.86%, which is down from an average of 3.16% in Q2. This is just an average, as some five-year fixed rates are currently available as low as 2.25%.<\/p>\n

BCREA said in its forecast that one key reason for declining rate was because \u201crising trade tensions between the United States and China fed growing fears of a global economic slowdown. Those fears pulled long-term Canadian interest rates low enough to invert the Canadian [bond] yield curve, a frequent \u2014 though not infallible \u2014 pre cursor to recession. As bond yields fell, the average five-year contract rate offered by Canadian lenders declined to an average of 2.86%, with five-year fixed rates as low as 2.25% currently available.\u201d<\/p>\n

The five-year qualifying rate is expected to hold firm at 5.19%, having been reduced from 5.34% earlier this year. Under current rules, this means mortgage applicants will still have to qualify at this rate to pass the B-20 \u201cstress test\u201d (or their contract rate plus two per cent, whichever is higher), despite contract mortgage rates (the amount they will actually pay each month) dropping.
\n\"\"<\/a>
\nSource : BCREA Economics<\/p>\n

The Bank of Canada\u2019s overnight rate \u2014 which variable mortgages are based on \u2014 is expected to hold firm, although the BCREA did not rule out a decline if the Bank decides to follow the US Federal Reserve\u2019s lead.
\n\"\"<\/a>
\nOverall, the report\u2019s outlook for the Canadian economy was one of very cautious optimism. \u201cWe expect the Canadian economy will post trend growth of about 1.8% in 2020, though significant downside risks remain due to elevated trade tensions and their consequent impact on exports and investment.\u201d<\/p>\n

On future interest rate changes, the report authors concluded, \u201cThe baseline outlook for the Canadian economy is not signalling the need for further stimulus ….. Policymakers remain wary of reigniting a build-up in household debt, particularly after imposing policies designed to bring those debt burdens down. We expect the Bank will therefore remain on hold as long as the Bank\u2019s assessment of economic risk does not reach a tipping point.\u201d<\/p>\n

BCREA : Five-Year Fixed Rates to Drop to 2.77%, Then Hold Steady<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Five-year discounted mortgage interest rates are still falling and will drop to an average of 2.77% by the end of the year, then hold firm for a full year, according … [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-13772","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"\n5-Year Fixed Rate to Drop to 2.77%, Then Level Off for a Full 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\/10\/5-year-fixed-rate-to-drop-to-2-77-then-level-off-for-a-full-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"5-Year 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