Earlier today, First National Financial, one of Canada's largest mortgage companies issued a market summary. This is what their economists predict will be happening for the rest of 2012. It's a guess, but it's an educated guess.
Here's what they had to say.
"The latest interest rate announcement and policy statement from the Bank of Canada make it pretty clear there’s unlikely to be any increase this year. While the economy appeared to be making all the right moves early in the first quarter, in the end, the results didn’t meet expectations. The resurgence of the Greek problem, the growing troubles in Spain (the euro zone finance ministers agreed to lend Spain up to $125-billion (U.S.) to shore up its struggling banks),slowing in the rest of Europe, China and the U.S., and weaker than expect growth at home have the central bank backing away from hints about a hike. Nonetheless the Bank remains concerned about the risk of a housing bubble and a high level of household debt."
With rates this low, is it time for you to renew your mortgage early or consider getting a preapproval? Contact me to discuss your options. If you would like to get a weekly email with current mortgage rates click
here and fill out your email address under Subscribe to News and Rates.
David Cooke - your
Calgary mortgage broker
Earlier today, First National Financial, one of Canada's largest mortgage companies issued a market summary. This is what their economists predict will be happening for the rest of 2012. It's a guess, but it's an educated guess.
Here's what they had to say.
"The latest interest rate announcement and policy statement from the Bank of Canada make it pretty clear there’s unlikely to be any increase this year. While the economy appeared to be making all the right moves early in the first quarter, in the end, the results didn’t meet expectations. The resurgence of the Greek problem, the growing troubles in Spain (the euro zone finance ministers agreed to lend Spain up to $125-billion (U.S.) to shore up its struggling banks),slowing in the rest of Europe, China and the U.S., and weaker than expect growth at home have the central bank backing away from hints about a hike. Nonetheless the Bank remains concerned about the risk of a housing bubble and a high level of household debt."
With rates this low, is it time for you to renew your mortgage early or consider getting a preapproval? Contact me to discuss your options. If you would like to get a weekly email with current mortgage rates click here and fill out your email address under Subscribe to News and Rates.
David Cooke - your Calgary mortgage broker
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