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No increase in mortgage costs

Posted by Arshad Rashed 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, 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.

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