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The bond rates have shot up approximately 40 basis points the past 2 weeks. All lenders have raised their 5 year fixed rates at least once and most have had 2 increases. 5 year funds are available in the 3.09-3.29% range. For the moment,10 year funds remain unchanged as low as 3.69%. This will make the 10 year monies more attractive for those desiring long term security.
Variable rate mortgages are available as low as 2.60%.
The Bank of Canada rate was not changed on May 29th.
Prime remains at 3.00%
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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. The next meeting of the Bank of Canada is July 17, 2013.
If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
-Cory Kline 705-794-1283
Mortgage Planning since 1998
Call for a FREE second opinion
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14
Jun
Mortgage Market Update: Rates are up!
Posted by: Cory Kline