Saturday
September 4, 2010
| Mortgage Term |
Our Best Rates |
Most Banks |
|
| 1 Year Open |
6.70 % |
6.70 % |
| 1 Year Closed |
2.40 % |
3.50 % |
| 2 Year |
2.99 % |
3.90 % |
| 3 Year |
2.90 % |
4.45 % |
| 4 Year |
3.65 % |
5.04 % |
| 5 Year |
3.65 % |
5.39 % |
| 7 Year |
4.75 % |
6.19 % |
| 10 Year |
5.00 % |
6.50 % |
|
| |
| |
( The above chart is a survey of our best available mortgage rates O.A.C. They are not available with every lender). As hoped, the variable rate mortgages are getting better, before they get worse. What do I mean by that? Some banks are increasing the discount off of prime. We have one lender at prime less .60% now, which translates to 1.65% based on today's prime rate of 2.25%. There is a lot of speculation about prime going up startting next week on June 1st when the Bank of Canada gathers again to decide. Economists are divided in their predictions of whether the BoC will increase or stay the same. Inflation in Canada factors in, but so does the global economy and the strength of the Canadian dollar creating pressure to leave the rate where it is. Even if a rate hike is in the cards, it will be modest, then hold. Variable is still the place to be. By the way, the hype over the fixed rate increases that happened 2 weeks ago was short lived as the stock market got bashed around again. Fixed rates settled back down under 4.5% for a 5 yr. The housing market is cooling across the country with HST confusion, and new mortgage regulations. If you wish to refinance to debt consolidate at 1.65% rate and pay out your credit cards, get pre-approved for a move, or renew your mortgage, call me at 250 862-1794. Romany. |
