As expected, rates are beginning to fall
Some good news on mortgage rates…
Mortgage Brokers are receiving good news this week from many financial institutions. Wholesale fixed mortgage rates are falling. Great news for anyone buying, refinancing or renewing their mortgage in the near future.
The news comes as a reaction to lower than expected inflation rates. We saw 2.7% vs the expected 2.9% reported. And the US economy is finally seeing signs
of a sluggish economy. There’s a saying… Bad economic news is good news for mortgage news.
Next week…
The Bank of Canada is meeting July 24th for the 5th of 8 regularly scheduled meetings to set the rate. They are now in a position to make the second cut of the year. Many economists and financial experts have been forecasting for rate cuts of over 2.00% by the end of 2025. Goodness knows we can all use the break.
My advice..
Be careful not to choose the wrong term. With rates expected to fall further, you will want to position yourself to fully benefit from potential cuts. Speak with an experienced and unbiased Mortgage Professional. Speak with a Mortgage Broker.
and of course call me at anytime.
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis: 416-224-0114; steve@canadamortgagenews.ca
Categories
Bank News, Finance, Interest rates, Money saving tips, Mortgage News, Mortgage Products, Mortgage Rates, Mortgage Tips, Mortgage Trends, Rate forecast, Real Estate news
Steve Garganis View All
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.
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Do you believe a full 2%. By the end of 2025?
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Danny LatincicRE/MAX Aboutowne Realty
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I think this is very possible. Homeowners are in trouble. The higher rates are making it unaffordable for homeowners to manage. It’s also discouraging investors from buying rental properties which has reduced the amount of available rental units causing rents to remain elevated. And finally, home builders have paused or cancelled many projects because of higher financing costs and an uncertain market..