Where Are Mortgage Rates Going in 2020?

If you are in the mortgage industry, this is a question you consider every year: where are mortgage rates going? The short answer is that I do not know for sure. Predicting rates is really an educated guess. So, like everybody else and given my Canadian mortgage experience, I will take my best estimate as well.

Adjustable Rates

Many years ago, when mortgage rates were very high, we really believed in the adjustable mortgage rates. Why is this, may you ask? Well, I tend to look at the Canadian economy. If I feel business is strong and things are humming, then rates rent to go up or vice versa.

What about 2020 Canadian mortgage rates? I looked at our neighbours to the south as an example. The United States have dropped their short-term rates seven times in 2019. I feel that Canada will play catch-up to this. This is great news if you have a variable rate, as I predict that your payments will be coming down.

Fixed Rates

As for fixed rates, I really do not see large changes in rates. For many Canadians, they are just barely able to make all of their payments. As Canadians are heavy in debt and any material changes would be catastrophic to our economy. Overall, this is more good news than bad news so enjoy your year!

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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