Just compare with the barometer from a month ago: mortgage rates are the same. Over 15, 20 and 30 years they did not move stagnating at 3.25%, 3.55% and 3.95% respectively. Even better: if some rates have changed, in most cases it is down. So should we see the return of the drop? Certainly not, but clearly a stability which it would be wise to take advantage of !
Fixed stationary rates
The majority of fixed rates granted to average files have stabilized , stopped net in their increase in recent months, apart from those over 7 and 30 years, the only ones in our barometer to rise by gaining 0.05% and 0.10% respectively.
As far as maximum rates are concerned, they all drop over the most popular periods, thus losing 0.10% over 15 and 20 years and even 0.25% over 25 years.
Finally, the minimum rates granted to the best files follow the trend by decreasing or remaining stable. Thus those over 20 and 25 years do not move, still posting 2.80% and 3.25% as last month, when that over 15 years drops by 0.35%.
Why this stop?
“Quite simply because OATs, which serve as a benchmark for fixed rates of loans to individuals, have stabilized at levels below 2.40% on average, when they were around 2.55% during the month of September. Replied Mike Bon, spokesperson for Cream Bank. “This easing on long rates was therefore passed on by banking establishments, for some in the form of slight decreases, for others by a status quo of their scales”.
Variable rates down
As for variable rates, the trend is rather downward with decreases of the order of 0.05%. We can therefore clearly obtain credits at adjustable rates at 2.90% over 15 years and 3.10% over 20 years.
“For the next few weeks we are betting on a relative stability in rates, subject obviously to maintaining the current level of OATs” anticipates Mike Bon. The latter also points out that there are still great disparities between regions (see our regional barometer on this subject) but also between banks. So don’t forget to compare!