{"id":14387,"date":"2019-12-08T10:10:00","date_gmt":"2019-12-08T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14387"},"modified":"2019-12-05T09:20:26","modified_gmt":"2019-12-05T17:20:26","slug":"mortgage-rates-to-remain-stable","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/12\/mortgage-rates-to-remain-stable\/","title":{"rendered":"Mortgage Rates to Remain Stable"},"content":{"rendered":"<p style=\"text-align: justify;\">The Bank of Canada, which sets the cost for consumer lenders\u2019 mortgage and borrowing rates, opted to leave its trend-setting rate untouched in its December announcement, keeping it at 1.75% for the ninth month in a row. It was a widely expected move from the central bank by economists who figured recent stabilization in foreign economies, as well as a solid Canadian dollar and trade, gave it the platform it needed to leave monetary policy at status quo.<\/p>\n<p style=\"text-align: justify;\"><strong>Economic Growth Stays Close to Forecast<\/strong><\/p>\n<p style=\"text-align: justify;\">According to the BoC, late-year economic growth remains in line with what was forecasted in its October report, while improved conditions in other global economies are a positive indication of stability.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is nascent evidence that the global economy is stabilizing, with growth still expected to edge higher over the next couple of years,\u201d the BoC states.<\/p>\n<p style=\"text-align: justify;\">As well, the BoC points to a number of recent rate cuts made by other central banks around the world as a factor behind settled economic growth \u2013 a trend it has thus far put off joining due to Canada\u2019s overall strong fundamentals.<\/p>\n<p style=\"text-align: justify;\">\u201cFinancial markets have been supported by central bank actions and waning recession concerns, while being buffeted by news on the trade front,\u201d reads its release. \u201cIndeed, ongoing trade conflicts and related uncertainty are still weighing on global economic activity, and remain the biggest source of risk to the outlook. In this context, community prices and the Canadian dollar have remained relatively stable.\u201d<\/p>\n<p style=\"text-align: justify;\">While economic growth in Canada slowed in the third quarter to 1.3%, this remained in line with its forecast. Meanwhile, the economy was propped up by moderate consumer spending. Strong demand for MLS listings in Canada, partially fueled by low mortgage rates and population increases, also underpinned strong consumption numbers.<\/p>\n<p style=\"text-align: justify;\">Core inflation \u2013 a key measure used by the Bank when setting its interest rate \u2013 continues to be on its target of 2%, which signals the economy remains close to capacity. While it\u2019s expected it\u2019ll tick higher due to more expensive gas prices in the winter months, it\u2019ll stay close to 2% over the next two years.<\/p>\n<p style=\"text-align: justify;\">\u201cBased on developments since October, Governing Council judges it appropriate to maintain the current level of the overnight rate target,\u201d states the Bank. \u201cFuture interest rate decisions will be guided by the Bank\u2019s continuing assessment of the adverse impact of trade conflicts against the sources of resilience in the Canadian economy \u2013 notably consumer spending and housing activity. Fiscal policy developments will also figure into the Bank\u2019s updated outlook in January.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Mortgage Rates to Remain Stable<\/strong><\/p>\n<p style=\"text-align: justify;\">The Bank of Canada\u2019s trend-setting interest rate \u2013 also known as its Overnight Lending Rate \u2013 is used by the nation\u2019s consumer banks to set their own variable cost of borrowing. This means, when the BoC cuts or hikes its rate, the banks will do the same regarding their variable mortgage and line of credit rates.<\/p>\n<p style=\"text-align: justify;\">As there was no change announced in today\u2019s rate announcement, those holding variable mortgages will see no change in the near term to their monthly payments. As well, the pricing environment will remain stable for borrowers looking to apply for brand new variable mortgages, as well as those looking to renew or refinance their existing home financing.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-december-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bank of Canada Holds Rates Steady Once Again in December Announcement<\/a> by Penelope Graham | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada, which sets the cost for consumer lenders\u2019 mortgage and borrowing rates, opted to leave its trend-setting rate untouched in its December announcement, keeping it at 1.75% &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/12\/mortgage-rates-to-remain-stable\/\">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-14387","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>Mortgage Rates to Remain Stable &#8226; 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