Canadian mortgages rates are at a record low, but should potential home buyers lock in rates right now or will rates go any lower?
Canadian mortgage rates are the lowest in history. Can they go any lower?
Not by much, but yes, rates will go lower is the answer from several analysts citing the Bank of Canada’s policy, competition among lenders, seasonal factors and the pandemic’s impact on the economy.
The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent.
Bank of Canada cuts benchmark mortgage rate to lowest level in three years
The Big Six banks had already cut their advertised five-year fixed mortgage rates to the same level, though some special offers reduce rates to as little as 2.19 per cent.
These are good news for buyers.
Home prices drop again in Edmonton, benchmark lowest in six years: report
Keep this in mind!
Canadian Mortgage Rates Are Their Lowest In 2 Years. Here’s Where They’re Headed Next
Rates for the most popular type of mortgage in Canada have sunken to the lowest level in about two years, and they could be heading further south before 2019’s end, suggests RateHub.ca co-founder James Laird.
