TORONTO, ONTARIO — (Marketwire) — 03/11/13 — March may signal rising temperatures, but the same cannot be said for fixed and variable as Canadian economic factors show only sluggish improvement. While BMO has reintroduced its discounted 2.99% mortgage, broker rates have remained below 2.80% for weeks, and a slower than usual housing market will counter the typically hot spring mortgage season. While bond yields have seen a slight downturn over the past month, it is anticipated that they-re to remain close to current levels, leading to no significant movement for fixed mortgage rates. Slow economic progress has also prompted the Bank of Canada to maintain its interest rate, leading to no change for the time being for variable mortgage rates.
: Unchanged
Though spring usually signals a heating mortgage market, the effects of last summer-s CMHC mortgage rule changes are still taking hold. The housing market is expected to remain soft throughout the spring season, and while bond yields have experienced a slight downturn, fixed mortgage rates are not anticipated to move from their already record-low levels in March.
: Unchanged
A combination of slow national and global economic growth has prompted the Bank of Canada to maintain its Overnight Lending Rate at 1% in its March 6th announcement, with no upward movement anticipated until early 2014. Therefore, variable mortgage rates are to remain unchanged for the foreseeable future.
About the Mortgage Rate Outlook Panel
The Panel includes some of the country-s top mortgage experts, and helps consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates in Canada.
This month-s panel members:
To read all the detailed commentary from our Panel Members, please visit:
About RateSupermarket.ca ()
Over 3 Million Canadians have found their best rate for personal finance products on . Launched in 2008, RateSupermarket.ca is Canada-s largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as , bank accounts, insurance quotes, financial advisors, and .
Contacts:
RateSupermarket.ca
Kelvin Mangaroo
Cell: 416-844-2931
You must be logged in to post a comment Login