TORONTO, ONTARIO — (Marketwired) — 05/08/13 — Spring may be in full force, but no hot growth is anticipated for fixed and variable . As bond yields remain low, and the Department of Finance continues efforts to stem household debt levels, lenders are not likely to challenge the status quo with a dramatic fixed mortgage rate drop. Variable mortgage rates are to remain the same as there was no change announced in the last Overnight Lending Rate announcement, and none anticipated for the foreseeable future.
Fixed Mortgage Rates: Unchanged
As mortgage rates remain the focus of government efforts to minimize household debt levels, and Finance Minister Jim Flaherty cautions banks against excessively lowering their offerings, it-s unlikely that will see a dramatic drop over the coming month. While bond yields have seen a modest increase, investors continue to regard Canada as a safe haven amidst international economic upheaval, and bond yields remain generally low in turn.
Variable Mortgage Rates: Unchanged
With such a narrow spread between the lowest fixed and options, many consumers are choosing to lock in for their mortgage terms, prompting lenders to focus on their fixed offerings. It is also not anticipated that the Bank of Canada will increase the Overnight Lending Rate in the upcoming June 29 announcement, which is outgoing governor Mark Carney-s last.
This month-s panel members:
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 , , insurance quotes and GIC rates.
Contacts:
RateSupermarket.ca
Kelvin Mangaroo
Cell: 416-844-2931
You must be logged in to post a comment Login