13 Dec

Market Update…

General

Posted by:

Both the mortgage and bond rates remained steady the past week, remaining close to historical lows. We have 5 year money at 2.99% with many lenders,10 year funds as low as 3.79% and variable rates in the prime less .35%(2.65) range.

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates. 

 

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

 

Bank prime is 3.00%

The next meeting of the Bank of Canada is on January 23rd, 2013.

 

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help. 
 
4 Dec

Bank of Canada Announcement

General

Posted by:

As expected, there was no change in the Bank of Canada press release.

Bank prime remains at 3%. 

 

This means no changes in variable rate mortgages or line of credit rates.

 

Fixed rates remain at records lows. We currently have five year money ranging from 2.99% to 3.19%.  Ten year money is ranging from 3.79%-3.89%.

 

Below are the highlights of the Bank of Canada Announcement:

  • Very little change in the “Banks” wording regarding future plans of any rate changes.
  • “over time, some modest withdrawal of monetary stimulus will likely be required.”
  • The pace of economic growth is expected to pick up through 2013.
  • While household debt burden continues to rise, growth in household credit has slowed    
  • Modest growth is still expected in the Canadian economy

Click Here to Read the Full Announcement

 

The next Bank of Canada Announcement is scheduled for January 23rd, 2013

 

Bank prime is 3.0%

-Cory Kline (705-794-1283)
P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice.