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No increase in mortgage costs

Posted by Jeff Campbell on Tuesday, September 7th, 2010 at 9:23am.

Homeowners aren’t likely to face higher mortgage costs for at least the next month and some banks may even follow the Bank of Montreal in cutting new fixed-rate loans to compete for a dwindling number of buyers, specialists said. According to a panel of mortgage experts polled by online mortgage rate comparison site RateSupermarket.ca, both fixed-rate and floating rate mortgages will remain unchanged for the next 30 to 45 days. The sharper-than-expected slowdown in the Canadian economy, which grew at 2% in the second quarter, coupled with a barrage of negative data from the U.S., has increased the likelihood that Bank of Canada governor Mark Carney will pause in his interest rate tightening cycle in September. Before Tuesday’s gross domestic product numbers, most economists had expected one more increase before rates went on hold. To read the full article by Sharon Singleton with the Calgary Sun click here.

Evanston is a community of Calgary, Alberta. We specialize in Evanston Real Estate If you have any questions about the Evanston real estate market, or Calgary Real Estate market, Evanston homes for sale, or would like a free market evaluation of your home. Call the Jeff Campbell Team now 403-816-4449 or visit www.EvanstonRealEstate.ca your Evanston Real Estate experts!

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