RateSupermarket.ca's Expert Mortgage Panel Divided but Consensus Expects
Rates to Remain Low in Early 2010
The Panel of financial gurus provide their Outlook for January - mortgage rates will stay put as we kick off 2010
"There is no shortage of information when you are looking for a mortgage; but consumers often just end up more confused then when they started." said Kelvin Mangaroo, founder of RateSupermarket.ca. "Our Panel of financial gurus provide Canadian consumers with insider insights into this turbulent mortgage market - will rates go up, down or stay the same over the next 30-45 days."
This month's mortgage rate outlook indicates that mortgage shoppers still have some time before rates resume to their normal, historical levels. Both fixed and variable mortgage rates are expected to remain unchanged for
------------------------------------------------------------------------- Official RateSupermarket.ca Mortgage Rate Panel Outlook the next 35-40 days : UNCHANGED -------------------------------------------------------------------------
To view detailed commentary from our panel members, please visit: www.ratesupermarket.ca/mortgage_rate_outlook_panel/
Fixed rates: Unchanged
Although 40% of our panel members think fixed rates will begin to creep up this month, there is a stronger argument that they will remain unchanged in the short term. There is uncertainty about whether or not recent fluctuations in bond yields will result in increased fixed rates. With some lenders still hungry for business, and banks likely to maintain caution, expect fixed rates to stay as they are for the time being.
Variable rates: Unchanged
80% of our panel members agree that variable mortgage rates will remain unchanged in the short term. Government talks about increased household debt and possible intervention by increasing down payments and reducing the maximum amortization period indicate that interest rates are unlikely to increase when the BoC meets again on
In contradiction to the overall outlook,
"The past couple of months have witnessed very volatile 5 year bond yields." says
On the other end of the spectrum,
About the Mortgage Rate Outlook Panel
Panel members:
- Dan Eisner, MBA. AMP. President, Verico True North Mortgage - George Hugh, Vice President, Treasury, ING DIRECT - Gregory Klump, Chief Economist, Canadian Real Estate Association (CREA) - Dr. Ian Lee, Director of MBA Program, Sprott School of Business, Carleton University - Garth Turner, Noted Canadian Author, Columnist, Speaker and Financial Commentator, Former MP
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is an independent, impartial resource that is not affiliated with any mortgage lender or broker. It is the only resource in
For further information: Patrick McCaully, Pointman Public Relations, (416) 855-9427, [email protected], www.pointmanpr.com; Or Kelvin Mangaroo, Ratesupermarket.ca, Cell: (416) 844-2931, [email protected], www.ratesupermarket.ca
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