Kirk Eaton Mortgage

Mortgage Broker/ Agent in Burlington,Toronto Ontario

Burlington Mortgage Broker/ Agent, Kirk is passionate about finding mortgage solutions for his clients. Whether it is a first time home buyer or family needing to refinance to reduce debt and improve monthly cash flow, his industry experience along with his personalized, strategic approach allows him to create the optimal mortgage solution for each situation.

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Kirk Eaton Mortgage Interest Rate Update

As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement. As of 10AM EST on October 27 th, 2021, the Bank of Canada has *maintained their Overnight Rate. *The good news is that you are still benefiting from the super low interest rates and continuing to save unnecessary interest!

To continue with the Bank of Canada news, here is an excerpt of the announcement and what they had to say about the current market conditions:

*“The global economic recovery from the COVID-19 pandemic is progressing. Vaccines are proving highly effective against the virus, although their availability and distribution globally remain uneven and COVID variants pose risks to health and economic activity. *

In Canada, robust economic growth has resumed, following a pause in the second quarter. Strong employment gains in recent months were concentrated in hard-to-distance sectors and among workers most affected by lockdowns. This has significantly reduced the very uneven impact of the pandemic on workers. As the economy reopens, it is taking time for workers to find the right jobs and for employers to hire people with the right skills. This is contributing to labour shortages in certain sectors, even as slack remains in the overall labour market.

Demand is expected to be supported by strong consumption and business investment, and a rebound in exports as the US economy continues to recover. Housing activity has moderated, but is expected to remain elevated. On the supply side, shortages of manufacturing inputs, transportation bottlenecks, and difficulties in matching jobs to workers are limiting the economy’s productive capacity. Although the impact and persistence of these supply factors are hard to quantify, the output gap is likely to be narrower than the Bank had forecast in July.

*The recent increase in CPI inflation was anticipated in July, but the main forces pushing up prices – higher energy prices and pandemic-related supply bottlenecks – now appear to be stronger and more persistent than expected. The Bank is closely watching inflation expectations and labour costs to ensure that the temporary forces pushing up prices do not become embedded in ongoing inflation. *

The Governing Council judges that in view of ongoing excess capacity, the economy continues to require considerable monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2% inflation target is sustainably achieved. We will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation target.”

We will continue to monitor the Canadian economy accordingly, and in particular inflation, which seems to be one of the main factors in determining WHEN the BoC will start to increase rates. As per their recent announcement it looks like they may start to increase rates in the middle of 2022. With that being said a typical variable rate is about 1 - 1.25% lower than your average fixed rate meaning you will still benefit from interest rate savings even when rates start increasing. The Bank of Canada is also ending its Quantitative Easing (QE) and bond yields should continue to rise as we have seen over the last 6 weeks. As bond yields increase, so do fixed rates.

As of right now, if you are in a low variable rate, I would still recommend staying the course as you will benefit from a lower interest rate and a much more flexible mortgage (remember only 3 months interest penalty). Our stance may change however as we approach 2022 and we will know more information from the last Bank of Canada announcement in December. If you feel like locking into a fixed rate or at least want to have a discussion around this, please let me know and we can schedule a call.

Otherwise, I’ll be in touch again for the next announcement on December 8th, 2021.

Burlington Mortgage Agent

Kirk understands the foundation of his business is dependent on the overall satisfaction of his clients, through the Mortgage Advice and Service he provides. With this in mind, Burlington Mortgage Broker/ Agent, Kirk promises to exceed expectations when it comes to service, understanding, advice, and choice of mortgage products in the industry.


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