As resale housing markets cool in individual markets, there seems to be increasing competition amongst mortgage lenders which are keeping mortgage rates low. In this environment, home owners considering refinancing their mortgages may be able to take advantage of continuing low rates.
The Globe and Mail reports that the cooling-off of formerly red-hot resale markets such as Vancouver “is happening while mortgage rates remain at record lows, despite constant warnings from economists that they are bound to rise as the Bank of Canada moves its lending rate higher.”
Homeowners who are now in the refinancing market, or may be so in the coming months, may continue to enjoy a window of opportunity to refinance their mortgage at near-record lows. The Globe reports that, “Competition amongst the banks for new business along with falling bond yields have meant (that) mortgage rates have been largely unaffected by any Bank of Canada moves.”
Ongoing competition amongst banks for their share of Canadian mortgage markets means, of course, that there is also ongoing competition between non-bank mortgage lenders. Homeowners who are weighing their refinancing options may well be advised to consult a knowledgeable and experienced mortgage broker in order to access a wide network of no-bank mortgage lenders.
