Lower Mortgage Rates: Are They Sliding?

Lower Mortgage Rates: Are They Sliding?

Unfortunately, last week created some bad market and health news. Could this contribute to lower mortgage rates?Unless you lived in seclusion or under a rock, you already know stock markets in the world had big drops and the Corona Virus continues to spread in the world, including Canada. The silver lining for Canadians is that bond yields have come down. As well for motorists, the price of oil tumbled hard this past week which should provide cheaper prices at the pump.

This week, the Bank of Canada meets on Wednesday. Given the poor performance of the economy in the last quarter and the news with last week’s markets, I do expect the Bank of Canada to lower their rates by ¼% or 0.25. This is good news if you have a Line of Credit. If your Canadian mortgage is coming due in the next few months, keep vigilant as to how the economy and markets are performing. In general, the worse they become, the better the interest and Canadian lower mortgage rates will be.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

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