TORONTO, ONTARIO -- (Marketwired) -- 04/09/13 -- The thermostat may be rising, but the same can't be said for mortgage rates in the month of April. Lenders are unveiling their record low fixed rate offers in advance of the spring mortgage market - though a dramatic dip is not anticipated - as bond yields continue to remain low. Variable mortgage rates are also to remain stable as no change is expected in the Bank of Canada's April 17th interest rate announcement.
Fixed Mortgage Rates: Unchanged
While signs of a heating spring mortgage market were evident last month, with lenders such as BMO reintroducing their 2.99 per cent five-year fixed, mortgage brokers have featured rates as low as 2.74 per cent for weeks. While Government of Canada bond yields continue to trend downward in the midst of global economic unease, a dramatic dip in Canadian fixed mortgage rates is not anticipated.
Variable Mortgage Rates: Unchanged
The Bank of Canada is not anticipated to change the Overnight Lending Rate in the upcoming April 17th announcement, and it's expected that they'll hold steady well into 2014 as a result of lower than expected Canadian economic growth. As a result, variable mortgage rates are not expected to change for the month of April.
This month's panel members:
-- Dr. Ian Lee, Director of the MBA program at the Sprott School of Business and Chair of the MBA Committee-- Mary Zenar, Mortgage Broker, Zenar Financial-- Dan Eisner, MBA. AMP. President, True North Mortgage-- Mark Kocaurek, Senior Vice President, ING Direct
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