BC Real Estate Association predicts Mortgage Rates are likely to stay in a Holding Pattern - June 2015

Published 17 June 15 12:08 PM

Hi All,

The BC Real Estate Association  released their 2nd quarter Mortgage Rate Outlook today.

Canadian mortgage rates have, more or less, held steady in the second quarter after trending surprisingly downward to start the year. The 5-year fixed rate, the qualifying rate for all insured mortgages, remains at 4.64 per cent, the lowest level on record. Key bond yields, from which mortgage rates are priced, have risen from their own record-low levels; however, those increases have yet to nudge mortgage rates higher and are unlikely to do so during the important spring/ summer home-buying season.

With the Canadian economy unexpectedly contracting in the first quarter, due to last year’s dramatic decline in oil prices and the associated downtrend in CPI inflation, there is very little upward pressure on borrowing rates.

To read the full Report please go to -:

http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/mortgagerateforecast.pdf

This continues to be good news for First Time Buyers and Move Up Buyers!

Kind Regards

Trish and Tnais

Tel 250 868 2488

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About Trish Cenci

Tanis Read has been helping Buyers and Sellers achieve all of their real estate needs throughout the Okanagan Valley for 10 years. Also active in organized real estate, serving as the President of the Okanagan Mainline Real Estate Board for the 2017/2018 term.