It’s essential to understand all the elements that affect mortgage rates in Canada. Here’s some insight into what interest rates are forecasted to do.
On November 9, 2020, news started spreading that U.S. drugmaker Pfizer had a COVID-19 vaccine breakthrough.
There’s some belief that this will be a driver for economic growth as we come out of the pandemic. Canada’s 5 Year Bond Yield is up to 0.482 from 0.383 a week ago.
I don’t know if banks are thinking about hiking rates, but all indicators are that the market responds positively. The sudden surge of optimism that the pandemic could be over in the foreseeable future means that people searching for a new home must at least think about the thought that rates will not stay as low as they are forever.
Read more from the CBC News article How long can interest rates stay low once a vaccine arrives?
If you want to take advantage of today’s low mortgage rates, contact me and let’s put a plan into place so you can achieve your home goals.