Where are the Mortgage Rates Going?

Where are the Mortgage Rates Going?

Last week we contemplated where were mortgage rates going and we predicted the Bank of Canada would lower their prime lending rate. Were we right? Sort of.

We predicted a rate discount of a quarter point. We actually got a 50% discount, even better! When we try to analyze Canadian mortgage rates, we really look at the economy. The serious scare of the Corona Virus has had serious effects with businesses. A country like Italy has reported 1200 new cases in one day. If this continues, many citizens will refrain from travelling and going out.

Although we do not have a crystal ball, we believe it will get worse before it gets better. We really believe mortgage rates are trending downwards.

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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