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April Showers Likely Bringing Higher Fixed Mortgage RatesRateSupermarket.ca's Expert Mortgage Panel Predicts Hike in Fixed Rates, but Stability in Variable Rates This Month (April 10, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 04/10/12 -- The spring real estate frenzy has started early this year, perhaps due in part to record low fixed mortgage rates in March. Sadly for borrowers, all good things must come to an end. To paraphrase the old saying, "what goes down must come back up." As such, fixed rates are expected to rise this month, according to some experts.
Fixed Mortgage Rates: Up
The price wars that sent fixed mortgage rates to historical lows last month seem to be over (for now). The record low rates were an attempt to snap up market share early in the year and get a jump on the peak home buying season, but those rates were unsustainable according to the Expert Panel.
With the increase in bond yields and persistent political and media attention around house prices and consumer debt levels, we should see fixed mortgage rates increase during the month of April.
Variable Mortgage Rates: Unchanged
RateSupermarket.ca's Panel members believe that inflation remains in check, the provincial election is heating up in Alberta, and the risks to global economic growth remain biased to the downside. All these factors combined mean the Bank of Canada is unlikely to make any change to interest rates when they meet on April 17. As a result, Prime rates and discounts off of variable rate mortgages will remain stable in the short-term.
To read all the detailed commentary from our Panel Members, please visit: http://www.ratesupermarket.ca/mortgage_rate_outlook_panel/
About the Mortgage Rate Outlook Panel
The Panel includes some of the country's top mortgage experts, and helps Canadian consumers make informed decisions by offering a short-term outlook for fixed and variable mortgage rates.
This month's panel members:
-- Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECT Canada -- George Hugh, President and Co-founder, Taurus Mortgage Capital. -- Dr. Ian Lee, Director of MBA Program, Sprott School of Business, Carleton University -- Wayne Spinney, Mortgage Agent, Centum Mortgage Professionals -- Dan Eisner, MBA. AMP. President, True North Mortgage
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy to use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates. Their Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 2M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.
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