Economic News/Trends and Analysis — February 4, 2010
Are Mortgage Rates Heading Lower in February 2010?
RateSupermarket.ca's panel of financial gurus believe we could possibly see lower fixed mortgage rates and bigger variable rate discounts to prime
The results of this month's mortgage rate outlook tell a divided story. 43% of panel members expect fixed mortgage rates to slightly decrease this month, while the same percent believe that fixed rates will stay where they are. Variable mortgage rates are expected to remain unchanged for the month.
Fixed rates: Unchanged or slight decrease
The mortgage market has seen a strong start to 2010 as consumers scramble to secure low rates before an expected interest rate hike in the second half of the year. As lenders fight for market share fixed rates could drop a few basis points over the coming weeks - but it will be short lived, so keep your eyes peeled.
Panel members who believe fixed rates are likely to remain unchanged cite a weak US dollar and stronger than expected figures for recent economic growth; hence, the slight decrease in bond yields over the past month are unlikely to be passed on by lenders.
Variable rates: Unchanged
The majority of our panel members (80%) still believe that variable mortgage rates will remain unchanged in the short term. The Bank of
To read detailed commentary from our panel members, please visit: 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:
- Dan Eisner, MBA. AMP. President, Verico True North Mortgage
- George Hugh, Vice President, Treasury, ING DIRECT
- Elisseos Iriotakis, President, SAFEBRIDGE Financial
- Gregory Klump, Chief Economist, Canadian Real Estate Association
(CREA)
- Dr. Ian Lee, Director of MBA Program, Sprott School of Business,
Carleton University
- Rob McLister, Editor, CanadianMortgageTrends.com
- Garth Turner, Noted Canadian Author, Columnist, Speaker and Financial
Commentator, Former MP
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is an independent, impartial resource that is not affiliated with any mortgage lender or broker. It is the only resource in
For further information: Kelvin Mangaroo, Ratesupermarket.ca, Cell: (416) 844-2931, Kelvin@RateSupermarket.ca, www.ratesupermarket.ca
Latest Industry Press Releases
Updated 18:03 MDT, September 2, 2010 
Construction/Building
Aecon awarded $33 million MTO contract to expand Highway 11 (2010-09-02)
Leisure Canada Commends Cuban Golf Course Initiative (2010-09-02)
GENIVAR Income Fund Acquires Pryde Schropp McComb Inc., an engineering firm specializing in the aviation industry (2010-09-02)
CanWel Building Materials Announces Appointment (2010-09-02)
Winalta Inc. announces fourth extension of CCAA protection until September 7, 2010 (2010-09-01)
PFB Corporation Announces Normal Course Issuer Bid (2010-09-01)
Empire Industries Announces Proposed Private Placement, Stock Option Grants (2010-09-01)
Lakeside Steel Breaks Ground on New Manufacturing Facility in Alabama (2010-09-01)
Retrocom Mid-Market REIT Announces $11 Million Investment in Lincoln Value Centre, St. Catharines, Ontario (2010-08-31)
Stantec Increases Credit Facility to C$350 Million and Extends Maturity Date to August 2013 (2010-08-31)
RioCan REIT Announces $124.5 Million Public Offering of Trust Units (2010-08-30)
Large JJM Construction Ltd. consignment in next Ritchie Bros. Chilliwack auction (2010-08-30)
Empire Industries Reports 2010 Second Quarter Results, Appointment of Independent Board Chair (2010-08-30)
Canadian Equipment Rental Fund Limited Partnership Results for the Second Quarter 2010 (2010-08-27)
Aecon announces closing of Cow Harbour asset purchase and launch of new Aecon Mining business (2010-08-27)
CITY COUNCIL APPROVES WATERFRONT TORONTO'S BAYSIDE DEVELOPMENT PROJECT (2010-08-27)
Global Summit Real Estate Inc. Announces Dividend (2010-08-27)
Tribute Communities Links Past and Future With Cornerstone Ceremony at RCMI Condominium (2010-08-27)
CanWel Building Materials Announces Appointment (2010-08-26)
Stantec to Significantly Increase Architecture Practice With the Planned Acquisition of Anshen Allen (2010-08-26)
Allied Properties Real Estate Investment Trust Announces $50 Million Public Equity Offering (2010-08-26)
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