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Bonds were steady this week, but still creating upward pressure on fixed rates. So far, no more changes; however, any further upward movement will likely result in all lenders adjusting their rates. The Bank of Canada meets next week and no changes are expected at this time.
5 year funds are available in the 2.84-2.99% range, 10 year funds as low as 3.69%. Variable rate mortgages are available as low as 2.60%. |
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If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today’s record 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 May 29, 2013.
Cory Kline (cory@ndlc.ca or 705-794-1283)
Mortgage Planning since 1998
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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24
May
Mortgage Market Update
Posted by: Cory Kline