4 Sep

Cory’s Mortgage Market Update

General

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There was no change in today’s press release. Their overall message of keeping Bank prime the same has not changed. Bank prime remains at 3%.  

 

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

 

Five year money ranging from 3.59-3.89% and 10 year money from 4.19% range. Variable rate mortgages are available in the 2.6% range  

 

Below are the highlights of the Bank of Canada Announcement: 

  • In the United States, the process of normalization of long-term interest rates has begun.
  • Inflation in Canada remains subdued. With inflation expectations well-anchored, both core and total CPI inflation are expected to return slowly to 2 per cent as the output gap closes.
  • mortgage interest rates are higher

 Click Here to Read the Full Announcement

 

The next Bank of Canada Announcement is scheduled for Oct. 23, 2013. 

 

 

Bank prime is 3.0%
If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice. 
 
Cory Kline, AMP
Neighbourhood Dominion Lending Centres
Cell / Text: 705-794-1283
Fax: 1-877-812-6190
Mortgage Agent, FSCO # M09001239
Brokerage FSCO Lic. # 11764