Lenders to continue competitive discounting tactics through summer
TORONTO, June 4, 2014 /CNW/ - There's nothing lukewarm about lenders'
efforts to stay competitive in this spring's mortgage market. Rate
discounting battles have risen with the mercury, providing buyers with
a slew of affordable options. Lenders big and small have cut their
fixed mortgage rates to 2.99 per cent and below, while variable
mortgage borrowers will continue to enjoy low central and Prime rates
for some time to come.
Fixed Mortgage Rates: Unchanged
The fixed-mortgage-rate battle wages on, as brokers and big banks alike
wade in with discounted offers. Bond yields, which have trended lower
during the spring months, show no sign of reversal leading
RateSupermarket.ca's panelists to anticipate low rates to linger in the
Variable Mortgage Rates: Unchanged
Canada's long-lagging inflation rate made news this month, reported to
have finally hit the 2 per cent benchmark decreed by the Bank of
Canada. However such progress, while removing the possibility of a
central rate cut, is not yet enough to warrant an increase to Canada's
cost of borrowing. As a result, variable mortgage rates are in for no
change in the coming months.
This month's panel members:
Ron Butler, Mortgage Broker, Verico Butler Mortgage
Will Dunning, Chief Economist, CAAMP; President, Will Dunning Inc.
Dan Eisner, MBA. AMP. President, True North Mortgage
Dr. Ian Lee, Director of the MBA program at the Sprott School of
Business and Chair of the MBA Committee
Kelvin Mangaroo, President, RateSupermarket.ca
Click here to read the full Mortgage Rate Outlook Panel.
About RateSupermarket.ca ( www.ratesupermarket.ca )
Over 7 million Canadians have found their best rate for personal finance
products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's most comprehensive
rate comparison site, offering visitors transparent access to the best
mortgage rates as well as credit cards, bank accounts, insurance quotes
and GIC rates.
For further information:
Kelvin Mangaroo, RateSupermarket.ca