Interest rates have fluctuated over the years, with significant changes taking place in the months leading up to and following the financial crisis. Let's take a look at what has happened to mortgage rates over time.
Mortgage rates have generally been on the rise since the early 2000s. This is due in part to stricter lending standards and increased competition for borrowers, as well as higher inflation rates. Rates reached their peak in 2007, when they averaged 3.5%. Check online resources to get more information about Ontarios Top Mortgage Brokers.
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As of this writing, mortgage rates are slowly creeping upwards again, with a range of 2.15%-2.45%. This represents a nearly 20% increase from their lows in 2017. The main reason for this uptick is that interest rates are now being influenced by several factors beyond just borrowing costs – including economic indicators (such as wage growth) and political developments (such as Brexit).
So while it's impossible to predict with certainty where mortgage rates will go next, it's important to be aware of the various factors that could impact them.
Interest rates are the amount that you pay on your mortgage each month. They're usually quoted as an annual percentage rate (APR). The lower the APR, the greater the chance that you'll end up paying less in total over the life of your loan.