2019 has been a great year for mortgages so far
When people begin to think seriously about purchasing a home, one of the things that they are naturally concerned about is whether or not now is a good time to get a mortgage. They consider whether they are ready to take on the responsibility of a mortgage, but they also consider whether the current mortgage rates are a good deal.
2019 has been a great year for mortgages so far. Currently the five year fixed rate is at its lowest point since 2017. A person with good credit today, should have no problem getting a mortgage with an interest rate of less than 3%.
But what will happen in the future? Is it likely that we could see mortgage rates go up in 2019? Well, we don’t have a crystal ball and it is impossible to predict for certain how the Canadian economy will be affected by current events such as the threat to trade wars. Nevertheless, most economists are predicting that mortgage rates will stay relatively stable in 2019.
It would seem that the Bank of Canada is taking a wait and watch approach.
What does this mean for you?
The current low rates on mortgages make 2019 a great year to get into a mortgage or to renew the one that you have. While it is unlikely that mortgage rates are going to dramatically rise in the near future, it is also unlikely that they are going to go down. So sitting and waiting for a better deal than the current rates doesn’t make much sense.
Where can I get the best deal on a mortgage?
When it comes to getting the best deal on a mortgage rate, we always recommend working with a qualified mortgage broker. Unlike banks, mortgage brokers have access to a wide variety of lenders and will shop around to get you the best price for your situation. This is better than shopping around yourself, because mortgage brokers have access to lenders that work exclusively through brokers.
If your credit is less than perfect, you probably won’t be able to get the best advertised rates on a mortgage, but even then your mortgage broker will work on your behalf to help get you the best possible rate on your mortgage.
If you are thinking about getting a mortgage, 2019 is a great time to do so! For more information contact Matrix Mortgage Global today.