Bonds remained relatively steady the past week with only slight upward pressure. No changes expected in interest rates at this time.
Five year money is currently in the 3.09% – 3.19% range. We still have one one lender, both conventional and high ratio, offering 10 year funds at 3.89%.
Over the past week we have started to receive notices from our lending partners on implementation of the new OFSI mortgage rules.
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 October 23rd, 2012.
If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
-Cory (Mortgage Advisor at Neighbourhood DLC) 705-794-1283