19 Jul

Mortgage Market Comment

General

Posted by: Cory Kline

 

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.

 

Five year money ranging from 3.39%-3.59% and 10 year money is at 3.99% –4.19%. 

 

Below are the highlights of the Bank of Canada Announcement: 

  • the global economy is expected to pick up in 2014 and 2015  
  • “Inflation has been low in recent months and is expected to remain subdued in the near term”     
  • “Monetary policy stimulus currently in place will remain appropriate
  • “As the normalization of these conditions unfold, a gradual normalization of policy interest rates can also be expected” 

 Click Here to Read the Full Announcement 

 

The next Bank of Canada Announcement is scheduled for September 4th, 2013. 

 

Bank prime is 3.0%

 

 

-Cory Kline 705-794-1283

12 Jul

Mortgage Market Update

General

Posted by: Cory Kline

The interest rate market has remained steady the past 7 days. No changes in rates. There is not expected to be any changes with the Bank of Canada next week.
 
5 year funds are available in the 3.25-3.59% range.10 year funds are now in the 3.99- 4.19% range. Variable rate mortgages are available as low as 2.55%. 
If you have a variable rate of any more than prime +.75 or a fixed rate of 4.50% or more, we should explore the merits of refinancing to a lower rate.  Should you pay a penalty and lock in now for the future? It may result in savings of thousands of dollars and a longer term at today’s 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 July 17th, 2013.
 
-Cory Kline (cory@ndlc.ca or 705-794-1283)
 
 
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.