Ravi Punia - REALTOR®

Fraser Valley Specialist

FRASER VALLEY REAL ESTATE BLOG POSTS

It's the eternal question that homebuyers and homeowners coming up for mortgage renewals face: should I get a variable rate or fixed rate mortgage?  With mortgage rates now in and around the incredibly low 2% mark, this is a question that's becoming even more pressing.


There is more to consider than just the interest rate number itself, when making that decision.  It's important to understand the rules and penalties around a mortgage.  You'll want to know what your privileges are around...

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The Bank of Canada today announced that it was keeping it's key overnight lending rate steady at 0.25%.  This means the rate that variable rate mortgages are based off of remains on hold.  The BOC suggested that their lending rate would remain low for a very long time still.


There is no expectation of any interest rate increase from the Bank at least until 2022 at the earliest.


Low mortgage rates have been and look to likely remain very supportive of the hot housing market in the Fraser...

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"The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded the Fed’s 2% target level."  That was the opening of an article below that summarizes that Federal Reserve's new shift in policy, down in the United States.


US FED SAYS RATES TO STAY ULTRA-LOW EVEN AFTER INFLATION PICKS UP


There is a connection to Canada, mortgage rates and the real estate market as a result of this change...

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*This blog communication is not intended to cause or induce breach of an existing agency agreement.  Views are my own and do not reflect those of any organizations that I may be associated with.

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