“The Bank of Canada raised its benchmark interest rate to 1.5 per cent…and signalled that more hikes are on the way.”
https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6473469
Lenders hike fixed rates yet again, bringing them closer to 4.5%
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/
New Forecasts Suggest Home Price Declines Are Likely
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/
Bank of Canada raises key interest rate
“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.”
What a Bank of Canada rate hike could mean for mortgages and the housing market
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
The Latest in Mortgage News: Canadians Divided Over Home Price Expectations
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
Buying Before Selling with Newly Launched Fundible
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.
How a Mortgage Pre-Approval Can Protect You from Rising Rates
“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.”
What is a mortgage pre-approval — and how long does it last?
“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
Securing a mortgage on an unconventional home is tricky, but not impossible
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