{"id":2531,"date":"2011-07-13T07:14:00","date_gmt":"2011-07-13T11:14:00","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/"},"modified":"2020-02-17T20:39:09","modified_gmt":"2020-02-18T01:39:09","slug":"mortgage-rates-update-in-canada","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/","title":{"rendered":"Mortgage Rates Update in Canada"},"content":{"rendered":"<p>by RateHub.ca<\/p>\n<div><a href=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-PmjL8swgSec\/Th2LuviJ0eI\/AAAAAAAAAMs\/Vmwxe87ebs8\/s1600\/Loonie_reverse_view.png\" imageanchor=\"1\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" height=\"320\" src=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-PmjL8swgSec\/Th2LuviJ0eI\/AAAAAAAAAMs\/Vmwxe87ebs8\/s320\/Loonie_reverse_view.png\" width=\"320\"><\/a><\/div>\n<p>Over the past couple of months, mortgage rates have been seeing quite a lot of activity. Mortgage rates are dependent on a variety of economic factors both in Canada and internationally. Read on to see how mortgage rates have been trending and what is probably going to happen in the near future. <\/p>\n<p>The Bank of Canada left its target lending rate untouched at 1 percent with its May 31<sup>st<\/sup> interest rate announcement. This decision allowed the prime interest rate to remain the same and consequently didn\u2019t affect variable rates. The announcement came at a time when lenders across Canada were dropping their fixed rates to stay in the competition. Government of Canada bond yield demand increased, when internationally, the United States and the European Union were financially unstable. As a result of the increased demand for Canadian bond yields, bond prices increased and yields \u00a0(returns) fell. Since Canadian fixed rates follow Canadian bond yields, fixed rates also fell. <\/p>\n<p>Currently, 5-year <a href=\"http:\/\/www.ratehub.ca\/best-mortgage-rates\">variable mortgage rates<\/a> stand at 2.10% and <a href=\"http:\/\/www.ratehub.ca\/current-mortgage-rates-ontario\" title=\"Current Mortgage Rates Ontario \">Ontario mortgage rates<\/a> are at 3.49%. The spread between fixed and variable mortgages has been decreasing steadily as lending institutions fight to keep their share of the market; nonetheless, 5-year variable rates have been the most popular mortgage product over the last couple of months at Ratehub.ca. <\/p>\n<p>As predicted by analysts, the prime rate has not changed from 3.00% over the last few months due to the negative impact a spiked Canadian dollar may have on net exports and manufacturing. <\/p>\n<p>For the last couple of weeks, at the end of June, mortgage rates hovered near historic lows. However, over the first weekend in July, 5-year Government of Canada bond yields were raised by 30 basis points. And since fixed rates follow bond yields, fixed mortgage rates are likely going to increase in the next few days. <\/p>\n<p>If you are in the market for a mortgage or looking at properties, try to lock in a rate as soon as possible. Compare the terms, conditions and prepayment options offered by various lenders and then get a pre-approval from the lender that best suits your needs. Lock in a rate that you want and then you\u2019ll have yourself covered when rates do inevitably go up. You will then have given yourself margin of safety in your budget (for rate increases) within which you can make a final decision on your property. <\/p>\n<p>Mortgage shopping goes simultaneously with real estate shopping, so when you are looking for a property, also pay attention to the mortgage market.<\/p>\n<p>&#8212; <br \/><i>This article was provided by <a href=\"http:\/\/ratehub.ca\/\">RateHub.ca<\/a>,     an independent, impartial mortgage rate comparison platform. We  bring    the most competitive mortgage rates to one place, so you can  make    informed and efficient decisions. We believe that finding the  best    mortgage rate should be straight-forward, and our website has  been    designed with that in mind. RateHub works with the top mortgage  brokers    and lenders in Canada to bring you the most competitive  mortgage  rates.   We update our rates on a daily basis with accurate,  real-time  data. We   also provide ongoing mortgage education and  resources to  assist you in   your selection process.<\/i><i><br \/>\u00a0 <\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>by RateHub.ca Over the past couple of months, mortgage rates have been seeing quite a lot of activity. Mortgage rates are dependent on a variety of economic factors both in Canada and internationally. Read on to see how mortgage rates have been trending and what is probably going to happen in the near future. The [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[196],"tags":[],"class_list":["post-2531","post","type-post","status-publish","format-standard","hentry","category-bank-of-canada"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage Rates Update in Canada | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"by RateHub.caOver the past couple of months, mortgage rates have been seeing quite a lot of activity. Mortgage rates are dependent on a variety of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rates Update in Canada | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"by RateHub.caOver the past couple of months, mortgage rates have been seeing quite a lot of activity. Mortgage rates are dependent on a variety of\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2011-07-13T11:14:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-18T01:39:09+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/blogger\/-PmjL8swgSec\/Th2LuviJ0eI\/AAAAAAAAAMs\/Vmwxe87ebs8\/s320\/Loonie_reverse_view.png\" \/>\n<meta name=\"author\" content=\"Zoocasa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zoocasa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\"},\"author\":{\"name\":\"Zoocasa\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/797314ca6279e6b154442b2f393e41b2\"},\"headline\":\"Mortgage Rates Update in Canada\",\"datePublished\":\"2011-07-13T11:14:00+00:00\",\"dateModified\":\"2020-02-18T01:39:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\"},\"wordCount\":524,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Bank of Canada\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/mortgage-rates-update-in-canada\/\",\"name\":\"Mortgage Rates Update in Canada | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2011-07-13T11:14:00+00:00\",\"dateModified\":\"2020-02-18T01:39:09+00:00\",\"description\":\"by RateHub.caOver the past couple of months, mortgage rates have been seeing quite a lot of activity. 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