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Bonds rates have steadied the past week. However, yesterday’s news contained reports that the US Fed may stop supporting their extraordinary stimulus in terms of their monthly purchase (85 Billion) of bonds. It will be interesting to see how the world markets react to this.
5 year funds are available in the 3.04-3.29% range.10 year funds remain unchanged as low as 3.69%. This will make the 10 year monies more attractive for those desiring long term security. Variable rate mortgages are available as low as 2.60%.
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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. The next meeting of the Bank of Canada is July 17, 2013.
-Cory Kline (Cory@ndlc.ca)
Mortgage Planning sinse 1998
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
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20
Jun
Mortgage Market Update: Rates are Rising!
Posted by: Cory Kline