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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%.
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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.
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12
Jul
Mortgage Market Update
Posted by: Cory Kline