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The Days Of Rock Bottom Mortgage Rates Could Be Numbered
Act now to buy or re finance and lock in to the historically low interest rates being offered.
I am not an economist but even a simple look at the financial news this past week makes one thing very obvious:
Rising inflation = the end of low interest rates.
The Bank Of Canada has pledged not to increase interest rates until July this year. BUT there is a proviso by Bank of Canada governor Mark Carney that this is “expressly conditional” on inflation.
Without boring everyone with the details the inflation data for February exceeded the central bank’s expectations. Further economic growth has “surprised slightly on the upside” according to Carney due to strong domestic demand and a recovery in exports. The Canadian economy grew 5% annualized in the final three months of 2009, as opposed the central bank’s 3.3% expectation. This is as technical as I will get.
We all know that the “experts” can get it wrong a lot of the time; these “experts” helped cause the recent recession. However there is only one way for interest rates to go sooner or later and it is not down.
Thinking of buying a new home or re-financing? Please don’t delay.
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