In a recent speech Mark Carney, Bank of Canada Governor, has stated again the BoC will not be raising the prime rate...
He said "The Bank of Canada has no plans to adjust its rates until at least next June as it attempts to keep inflation at check below two per cent. "
This is good news for those mortgagees in Variable rate products. Now if the 5 year bond yields would settle down we may see some leveling off in the fixed rate market, in which we have seen a jump almost 1%. Current 5 year average is 4.49% some lenders are holding at 3.99% but who knows for how long.
If you are in the market, contact your broker and get a preapproval to hedge your bet for the 90 to 120 days just in case!!
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