Which direction are mortgage rates headed in Canada?
As of late summer, 2010 the economic recovery has stalled a bit. Banks had over-anticipated rates going up sooner, so they pared rates back a bit in August, 2010 by 0.10% or more. RBC and BMO were among banks to quietly lower short and mid-term rates.
Scotiabank, TD Canada Trust and the CIBC also followed suit lowering rates on fixed rate mortgages from 1 to 10 years out. Some lowered as much as 0.20%.
Banks are preparing for what is traditionally a good fall home buying season.
A qualified mortgage broker can help you navigate the ups and downs of mortgage rates and not only find you the best mortgage rate in Canada at any given time, but also help lock in lower rates for 90 days or more. Even a small additional savings in securing a mortgage rate can pay big dividends over the long run.
A mortgage pre-approval is the vehicle for locking in a low rate while you shop for your next home.
