Cory’s Mortgage Market Update

There was no change in today’s press release. Their overall message of keeping Bank prime the same has not changed. Bank prime remains at 3%.

This means no changes in variable rate mortgages or line of credit rates.

Five year money ranging from 3.59-3.89% and 10 year money from 4.19% range. Variable rate mortgages are available in the 2.6% range

Below are the highlights of the Bank of Canada Announcement:

In the United States, the process of normalization of long-term interest rates has begun.
Inflation in Canada remains subdued. With inflation expectations well-anchored, both core and total CPI inflation are expected to return slowly to 2 per cent as the output gap closes.
mortgage interest rates are higher

The next Bank of Canada Announcement is scheduled for Oct. 23, 2013.

Bank prime is 3.0%

If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice.

Cory Kline, AMP

Neighbourhood Dominion Lending Centres

Cell / Text: 705-794-1283

Fax: 1-877-812-6190

Mortgage Agent, FSCO # M09001239

Brokerage FSCO Lic. # 11764