This is CMHC's prediction on mortgage rates in 2010
Trends Impacting Housing
The Bank of Canada cut the Target for the Overnight Rate in the early months of 2009. The rate was 1.50 per cent at the start of 2009 and has since fallen to 0.25 per cent. The Bank has committed to keeping this rate at 0.25 per cent through the middle of 2010, unless inflationary pressures warrant an increase.
Mortgage rates have fallen over the course of 2009, but are now expected to remain relatively stable for the rest of the year.
Posted mortgage rates will gradually increase through 2010, but will do so at a slow pace.
For 2010, the one-year posted mortgage rate will be in the 3.50-4.25 per cent range, while three and five-year posted mortgage rates are forecast to be in the 4.50-6.00 per cent range.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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