TORONTO, ONTARIO--(Marketwire - Aug. 7, 2012) - Despite a flurry of record breaking lows for five year fixed mortgage rates in July, RateSupermarket.ca's Mortgage Rate Outlook Panel does not expect downward movement to continue into August. Due to increasingly poor global economic performance and consistently low Government of Canada bond yields, fixed mortgage rates are not anticipated to change. Variable mortgage rates are also expected to remain the same due to the Bank of Canada maintaining its key interest rate.
Fixed Mortgage Rates: Unchanged
Less-than-optimistic economic outlooks for Asia, Europe and the US have led to extremely low Canadian bond yields, driving new recent lows for 5 year fixed mortgage rates in July. It is not anticipated that they'll go much lower, if at all, in August.
Variable Rates: Unchanged
The Bank of Canada is expected to retain its key interest rate, which will keep prime and variable rates consistent. Our Panel also believes record low five year fixed offers have also stunted consumer interest in variable products for the time being.
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:
- Mark Kocaurek, Senior Vice President, Treasury & Lending (Chief Lending Officer) of ING DIRECT Canada
- Dr. Ian Lee. Director of MBA Program, Sprott School of Business, Carleton University
- Elisseos Iriotakis, B. Comm.,CFP, FMA, AMP, VERICO Safebridge Mortgage Solutions
- Wayne Spinney, Mortgage Agent, Centum Mortgage Professionals
- Dan Eisner, MBA. AMP. President, True North Mortgage
About RateSupermarket.ca (www.ratesupermarket.ca)
RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada. Founded in May of 2008, their easy-to-use comparison engine provides much needed transparency to the Canadian financial market and allows visitors to quickly find the best mortgage rates. Their new Mortgage Tool App for the iPhone also allows house hunters to compare mortgage rates using their Smartphone. Over 2M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.