(PRWEB) April 15, 2013
Mortgage Expert and CTO of Canada’s leading mortgage brokerage, Marcus Arkan recently shared his forecast of mortgage rates in the month of April. Mr. Arkan’s analysis came after the government pressurized one of the lenders to reverse their mortgage rate back to 3.09 after it was lowered to 2.89 last month.
According to Mr. Arkan, while the government is not in favor of lower mortgage rates, constant interference and meddling may not be very appropriate. As reported by one of the news sources, Mr. Flaherty personally called BMO to complain about their five-year fixed mortgage rate that was also lowered to 2.99 in March.
“As some would say, the government is literally meddling with mortgage rates. While lenders still see room for further reduction, the government want them to stay somewhere above the three percent mark. This has made things very confusing for the buyers. They are not sure whether the rates will stay where they are or whether the government will ask the lenders to raise the bar once again,” Mr. Arkan said.
Presenting his analysis and forecast in this aspect, Mr. Arkan said that the future mortgage rate will be supported by the economic growth in the US and China. According to the figures shared by the Troy Media, Canada’ economy is also improving after a slowdown in the last quarter. While sales remained low for the past few months, he added, they are expected to get better as the spring buying season arrives.
Mr. Arkan predicted that the mortgage rates are more likely to stay where they are for a longer time. “It is clear that the government is concerned with affordability issues. Mortgage rates that are too low are not permanent and when they change they leave a lot of people unable to pay their mortgage. This is what the government is perhaps trying to avoid for now.”
Sharing additional advice on finding the right Canada mortgage rate, Mr. Arkan suggested that buyers might be able to find more suitable rates if they are willing to negotiate with the lenders. He encouraged people to seek help from mortgage brokers as lenders usually offer them rates that are not offered directly to buyers.
For more information regarding Canada housing and mortgage industry, 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.
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