Toronto, Ontario (PRWEB) April 09, 2013
Canada mortgage expert and CTO of Syndicate Mortgages, Marcus Arkan, has recently shared his forecast of Canada mortgage rate in order to predict rates prospective homebuyers can expect in the future. According to Mr. Arkan, with BMO’s decision to cut down their posted rate earlier this month, the confusion surrounding the rates in the future has further increased. The bank has cut its five year fixed mortgage rate to 2.89 percent.
As the CTO of one of the leading mortgage brokerages in Canada, Mr. Arkan has been analyzing Canada mortgage rates for a long time. According to him, the rates have remained low for so long that even a small change could ultimately affect affordability for a majority of owners and buyers.
“There is no doubt that the rates can go nowhere but up from where they stand right now. However, the industry keeps on surprising the skeptics. BMO lowered their rates this month but up till now no other major player has jumped in the game. It shows that banks are being careful about making any kind of hasty decisions right now.”
While Mr. Arkan said that he believes rates can still go lower as well, CBC reports that finance Minister Jim Flaherty has warned the banks about starting a mortgage war. As a mortgage broker, Mr. Arkan explained that despite the posted rate that is above 3 percent, a large majority of banks also cut their mortgage rate down after negotiation with buyers. That is the reason Mr. Arkan is optimistic that a slight increase in the posted mortgage rate will not affect affordability as much as prospective buyers fear.
Backing Mr. Arkan’s analysis, a report published by the Globe and Mail on 28th March also highlighted how banks are pushing lower rates in branches. According to the article, brokers are able to obtain low mortgage rates of around 2.989 percent from all the major lenders including Bank of Nova Scotia, National Bank and Toronto-Dominion Bank.
“There is no doubt about the fact that mortgage brokers can help you obtain better rates,” Mr. Arkan added, “and they will continue to help you even if the rates go up in the future.”
Mr. Arkan regularly shares his knowledge and advice regarding housing industry and Canada mortgage rates. For more information, visit the website http://www.syndicatemortgages.com
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062