Mortgage Rates Canada - July 2022 Update - Canadian Real Estate MORE Affordable
#CanadaMortgageRates #CanadianRealEstate #canadarealestate
Canada’s Mortgage Rates dropped last week despite the Bank of Canada continuing to raise interest rates. With Canada’s real estate market continuing its freefall, and RBC predicting the biggest housing correction on record, lower mortgage rates will be welcome news to first time home buyers.
Mortgage payments on the average priced and benchmark price in Canada (using June’s data) are down. With mortgage rates below those in June, and real estate continuing its slide, its likely that payments are only going to go lower.
With inflation coming in lower than expected, bond yields are down, as investors turn their attention toward the Canadian economy and the potential for the Bank of Canada reversing course on interest rates.
Mortgage Rates:
Best Insured Mortgage Rate, Fully Featured in May 2022: 4.19 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in June 2022: 4.99 on a Five Year Fixed
Best Insured Mortgage Rate, Fully Featured in July 2022: 4.64 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in May 2022: 4.54 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in June 2022: 5.39 on a Five Year Fixed
Best Insurable Mortgage Rate, Fully Featured in July 2022: 4.99 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in May 2022: 4.74 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in June 2022: 5.39 on a Five Year Fixed
Best Uninsurable Mortgage Rate (30 Year AM, Refinancing), Fully Featured in July 2022: 5.24 on a Five Year Fixed
Links:
Posthaste: Bank of Canada's shock rate hike comes with 'significant risks,' economists warn:
https://financialpost.com/executive/e...
Bond yields plunge. What it means for fixed mortgage rates:
https://www.canadianmortgagetrends.co...
Downgrading our forecast for Canada's housing market:
https://thoughtleadership.rbc.com/dow...
Canadian Home Prices See Largest Single-Month Drop on Record: RBC:
https://storeys.com/canada-home-price...
Canadian Real Estate Prices Fell An Average of $1k Per Day Last Month:
https://betterdwelling.com/canadian-r...
Pace of real estate slump quickens, with sales and average prices down from last year:
https://www.cbc.ca/news/business/real...
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