borrowers shouldn’t plan on rate cuts for at least 12 to 18 months from today. If it happens sooner, borrowers should consider themselves lucky – very lucky.
Default-insured borrowers saw fixed rates sink as much as 30 basis points on some terms this week. The lowest rates on one-year to five-year insured terms are now all below 5 per cent again, thanks partly to competitive discounters such as QuestMortgage. Unfortunately, the news was less cheery for uninsured borrowers. Unlike insured rates, which benefit from liquid government-backed securitization, uninsured rates are dominated by big deposit-taking lenders – mostly large banks. Those lenders have stuck together like a pack with few breaking ranks to offer consumers better deals. In fact, not one of the lowest uninsured rates dropped this past week, and a few actually rose.
As far as term selection goes, as long as people continue to expect falling rates in the next 12 to 18 months, a higher-than-normal share ofUninsured short-term rates may not get much better than today, however – until the bond market thinks rate cuts are more imminent.As of Thursday Dec. 8 , these are the lowest nationally available mortgage rates in Canada, from providers that advertise rates online and lend in at least nine provinces.
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