Is It Downhill For Mortgage Rates?
The decades of high-interest rates have done the job. The impact of the higher rates is finally working to ease inflation. The US, UK, and Canada to name a few are reporting easing inflation numbers and are now starting to be challenged with economic growth. The consensus view of the Economists surveyed by Bloomberg last month predicts that rates in general will be 40% lower by no later than mid-2025.
These economists also highlight concern over Canada’s looming wall of mortgage renewals upcoming over the next years. There will be hundreds of billions in mortgages renewing at much higher interest rates which will, without any doubt have an impact on the Canadian economy.
Is your mortgage maturing soon? Contact me before you lock into a high rate.
DID YOU KNOW?
The BC government has come out with new legislation intended to improve the zoning rules and allow townhomes, triplexes and laneway homes, on single-family lots – effective June 2024. In municipalities with more than 5,000 people, the new rules will allow for the following:
Three units on single- or two-family lots less than 280 square metres (about 3,010 square feet)
Four units on single- or two-family lots greater than 280 sq. m.
Six units on lots greater than 280 sq. m. near “transit stops with frequent service”
Century 21 In Town Realty has announce a partnership with:
Our clients can now receive complimentary junk removal with every listing.
Click her for more details.
IMPROVED MORTGAGE SOLUTIONS:
Common sense approvals with lenders that think outside the box and can get you prime rates.
A ‘No monthly payment’ options.
You can access your home equity of up to 85% of appraised value.
Quick approval – often within a few hours.
Improved rates and fees.