Among national lenders, the average uninsured 5-year fixed rate is now 4.37%, up from 3.92% a month ago, according to data tracked by Rob McLister, rate analyst and editor of Mortgage Logic. The average rate for an insured 5-year fixed mortgage, meaning that with a down payment of less than 20%, is now 4.14%, up from 3.78% a month ago.
https://www.canadianmortgagetrends.com/2022/05/lenders-hike-fixed-rates-yet-again-closing-in-on-4-5/
Some experts are suggesting housing prices will decline by 24% which would be good news for first time home buyers. Other experts are not so sure.
https://www.canadianmortgagetrends.com/2022/03/new-forecasts-expect-home-prices-to-fall-by-20-30/
“The Bank of Canada hiked its key interest rate to 0.5 per cent in an effort to “take some steam” out of the economy and tamp down on surging inflation, but economists are warning that high prices will remain a regular part of life for months to come.”
The Bank of Canada’s rates may be increasing soon, and here’s a breakdown of what that could mean for homeowners: https://financialpost.com/real-estate/mortgages/what-a-bank-of-canada-rate-hike-could-mean-for-mortgages-and-the-housing-market
Some want the housing prices to rise, some want them to fall, and some want them to just stay where they are. Which category do you fall into?
The Latest in Mortgage News: Canadians Divided Over Home Price Expectations
A new Canadian startup is looking to shake up the homebuying process by allowing homeowners to make their next purchase before the sale of their current home.
“Not only does a mortgage pre-approval give you the lender’s estimate of your borrowing power, but it also offers you an interest rate hold for up to 120 days in many cases.”
“To get the best interest rates, you’ll want to be pre-approved by a mortgage specialist who works with multiple lenders . They’ll be able to compare lenders and shop around for the loan terms that best fit your budget.” Not sure about why a pre-approval can make such a difference? Check out this article from the Financial Post:
https://financialpost.com/moneywise/what-is-a-mortgage-preapproval-and-how-long-does-it-last
Are you dreaming about home ownership of a little log cabin, tiny home or somewhere off the grid? Call us first to help make your dreams a reality!
https://www.lowestrates.ca/blog/homes/mortgage-unconventional-homes
“With Ontario mortgage rates falling ever since the COVID-19 pandemic hit in March, many people are wondering why. The main reasons for mortgage rates falling across the board are:
1. The Bank of Canada cutting its overnight interest rate,
2. Record low bond yields on Canadian Government bonds, and
3. Added competition among mortgage lenders for business
This trend of low mortgage rates has not only played out in Ontario, with the rest of Canada also seeing record low mortgage rates. This article will explain all three of these reasons in depth, and will give you a better understanding of why mortgage rates are so low.”
https://www.vaughantoday.ca/why-ontario-mortgage-rates-have-become-very-low/