REBGV Q3 2021 Housing Overview – Interest rate trends
Mortgage lending rates have remained locked at just over 2% for a five-year fixed term since coming off record-lows in early 2021. Plunging rates were the primary cause of record home sales nationally and locally this spring as well as the resultant upward surge in prices.
Mortgage rates should increase gradually from recent lows in the spring as major central banks wind down their asset purchasing programs and slowly tighten monetary policy. However, despite rising rates, 3% + five-year fixed lending rates like those last seen in 2019 are still likely many years away.
REBGV Economist Keith Stewart provides a summary of the region's job market performance.