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Experts believe that Canadian mortgage rates will soon hit an all-time low of only two-percent. This steep drop is due to the ongoing economic fallout from both the COVID-19 pandemic and the oil market crash. Other factors that may influence these mortgage rates in the future include the implementation of new technology, debt levels, and demographic information. For those that are now in the market for a mortgage, it’s best to purchase a variable-rate mortgage since their is less risk involved.
Key Takeaways:
- Canadian mortgage rates have falled and they are about to hit an al ltime record low due to COVID-19.
- Since the economy is in such bad shape, mortgage rates will have to be lowered in order for anyone to take out a mortgage in general.
- If you are looking to take out a mortgage, be flexible and look for the lowest rate possible. It’s uncertain when the economy will get back to full strength.
“When COVID initially hit, yields on non-government debt surged higher as financial markets priced in crisis-related risk premiums. That pushed up mortgage rates, and then lenders raised more in a defensive move that bought them time to assess the volatile landscape.”
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