One of our trusted mortgage brokers, Peter Majthenyi of Mortgage Architects, sent us a little update on his views on interest rate trends and the outlook for next year. It’s a great current reminder for those who are still sitting on the fence waiting for a real estate market correction….stop! And get out there and buy something.
Peter says: By now you may have heard the two big December announcements. The Bank of Canada has down-graded our 2012 economic growth & the Central Banks have agreed to reduce the cost of lending each other money; so what does that mean for us homeowners (and future buyers)? Low mortgage rates well into 2013 … that’s what I’m talking about! Now I feel we would be best served by taking a “convertible” mortgage like a 1 year (2.86%)or 5 year variable (2.80%) because bigger mortgage rate discounts may be on the horizion and we do not want to get stuck with a mortgage we do not want if rates drop? We’ll teach you more when you have the time to connect with us … Anytime, Peter & Team.
You can visit Peter’s site for current rates and contact info at http://www.mymortgageplanner.ca/ and although the month of December is generally light on inventory of available properties, it’s a good time to start doing your homework and get yourself set for an active search in the New Year.