The lack of global economic turmoil the past few weeks has seen the bond rates rise by approximately 20 basis points. There is some pressure to see a small increase in the fixed mortgage rates. 5 year money continues to the 2.99% – 3.09% range.
We have one lender that will secure 10 year funds at 3.89% both conventionally and high ratio. If you have had any thoughts on securing a 10 year rate, now is a great time to look into it.
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 September 5th, 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 and have a good weekend!
-Cory