Tuesday, July 28, 2009
News That Affects Your Mortgage
July 23, 2009
Mortgage Advice From Mark Carney
Bank of Canada chief, Mark Carney, told reporters today that Canada’s economy should start growing again this quarter. (Video: BNN)
That surprised a lot of people, including bond traders who pushed up 5-year yields by 12 basis points to 2.65%.
Carney called the anticipated recovery “a long road” and said it may take until 2011 for overall inflation to run back up to 2%.
In one interesting exchange, a reporter asked: “If you were renewing your mortgage would you go fixed or variable?”
After a laugh or two, the governor provided some judicious and unexpected advice:
Click below to read the entire exchange.