As expected, the Bank of Canada made no changes to the overnight rate, which is great news for all variable rate borrowers. Noting some economic slack in the market like online businesses to view and find out more – Palm Beach Roofing Expert company and others which some temporary factors adding some steam to the economy, the additional uncertainty around US trade policies has caused the central bank to reduce output targets for the year.
This type of forecast translates into lower rates, with no need to take the foot off the gas at this point. Economists are expecting no new increases until 2018 and some are even pointing to lower fixed rates, which we’ve been experiencing a bit of recently.
Bond yields haven’t dropped back much but as the market is finding ways to work with the recent mortgage changes, it’s helping to reduce rates closer to where they were before the increases late in 2016.
There are still differences in rates for CMHC and non-CMHC mortgages, and a premium to rates is being applied by some lender for 30 year mortgages, and mortgages on rental properties.
All the more reason a broker is a valuable partner in these times as we can help you navigate the variety of rates being offered and make sure you find a product that’s best for you, and not best for the lender. Meanwhile, if you are looking for help on a short term loan or consolidating your existing debt, you can get more details at https://bridgepayday.com/payday-loan-consolidation/.