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No change! Rates have remained steady this past week as a result of very little movement in the bonds.
5 year funds are available in the 3.69-3.89% range.10 year funds are in the 4.39% range.Variable rate mortgages are available as low as 2.55%.
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If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% 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.
Bank prime is 3.00%
The next meeting of the Bank of Canada is October 23, 2013.
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
…Cory
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4
Oct
Mortgage Market Update
Posted by: Cory Kline