TORONTO, ONTARIO — (Marketwire) — 12/02/11 — With fixed near historic lows in Canada, one might think they can-t possibly get any lower. Wrong. According to RateSupermarket.ca-s for December 2011, we may see fixed mortgage rates decrease in the short term.
The panel also believes that will stay at current levels given that no change is expected from the upcoming Bank of Canada rate announcement on December 6th.
Fixed mortgage rates: Down
With no quick fix on the horizon for the European debt crisis, the global economic outlook continues to be pessimistic causing downward pressure on longer term bond yields. Couple this with decreased demand for home loans during the busy holiday season, and it is likely that will stay low or even drop further over the next 30-45 days.
Variable mortgage rates: Unchanged
Recent GDP numbers were surprisingly strong, inflation is near the target range, and a global economic meltdown could be on our door step. The last thing Governor Mark Carney wants to do is shock consumers during the busy holiday buying season with news of an interest rate increase. As a result, our panel members agree that the Bank of Canada will hold rates steady at their next meeting.
To read all the detailed commentary from our Panel Members, please visit:
About the Mortgage Rate Outlook Panel
The Panel includes some of the country-s top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable .
This month-s panel members:
About RateSupermarket.ca )
RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian mortgage market and allows visitors to quickly find the . Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.
Contacts:
RateSupermarket.ca
Kelvin Mangaroo
Cell: 416-844-2931
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