The majority of our lenders have officially announced the changes to underwriting guidelines effective July 9th at the latest. We are seeing an overall tightening up in the mortgage industry with both high ratio and conventional mortgages.
The next announcement from Bank of Canada will take place on July 17th. No changes are expected.
The bond rate remained steady this week with five year money maintaining the 3.09% – 3.19% range.
We now have 3 lenders offering 10 year funds at 3.89%. A wonderful option for those concerned with future rates.
We now have 3 lenders offering 10 year funds at 3.89%. A wonderful option for those concerned with future rates.
If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.
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 July 17th, 2012.
If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
Thank you,
-Cory Kline (Mortgage Advisor from Neighbourhood DLC, cory@ndlc.ca or 705-794-1283)