You can plan on getting the
lowest mortgage rate in Canada
by using a mortgage Canada rate forecast. When things look good, you can fill in an
online application
to lock in the rates. A
mortgage broker
can help you lock in the lowest rate for 90 days, regardless of which bank is offering it on that day. You can continue to observe the trends and give the final o.k. at just the right time. This type of planning can save you a lot of money.
This page will give you a variety of sources so you get the news before the mainstream media tells everyone. In-depth information and breaking news about important political and economic changes in Canda and the world are at your fingertips. The following sources have been carefully selected to help you develop a reliable mortgage rate forecast.
Today's Mortgage Rate Forecast
If all you want is an informed opinion on the future of interest rates, the following is a Mortgage Broker's Opinion:
November, 2006 -- It looks like rates are going to remain steady. Chances are that despite minor fluctuations rates will stay around what they are today, for the next year. The Canadian economy is strong but not going off the scale. It is balanced growth. The American economy seems to have avoided a recession. How strong they will be is yet to be seen. I see stable, sustainable growth in the American economy as well. These are the two major factors that would have caused our rates to go up. I don't see rates going down substantially in the forseeable future.
Mortgage rates are related to bond rates because mortgage investments compete with bond investments in the stock market. People invest in bonds when stocks look scary. As the demand for bonds goes up, the interest rate tends to go down because bond issuers don't have to work hard at getting investors.
In a strong economy, the demand for bonds goes down because people would rather invest in the stock market. In order to attract investors, bond issuers have to increase interest rates, so the bond looks attractive.
I expect mortgage rates to fluctuate by as much as 1/2 of a percent in 2006 if the everything continues the way it has been going.
In my opinion, at this moment, the best thing to do is lock in a 5 year rate at around 5.20%. The best variable rate mortgage is Prime minus .85%. There is usually about 1.5% -2% difference between the 5 year fixed rate and the variable rate. Since the difference is so small at this time, I would pay the nominal extra .75% to get the long term security.
For more information and to form your own opinion please see the sources below.
Selected News Sources
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