Baby Steps...
Another week - another small decrease in interest rates. I’ve been telling you that fixed terms have to come down and they are. There’s more room for decreases but whether or not the lenders offer the savings to the borrower or try to hang onto their larger spreads, only time will tell.
The Bank of Canada next meets Wednesday, September 8th. It’s widely thought that the B of C cannot go too much further without the rest of the world, most notably the USA, joining in the recovery. Based on what I’ve read, the recovery in the USA is looking more like 2012-2013. About the time that the Port Mann bride is finished, rates in the USA will be going up.
Until then, keep your speed under 80km/h (in Vancouver) and consider riding in a variable mortgage. Have a Great week!
|
Term |
Best |
Bank Posted |
|
1 year |
2.65% |
3.50% |
|
3 year |
3.49% |
4.50% |
|
5 year |
3.89i |
5.79i |
|
10 year |
5.25% |
6.90% |
|
25 year |
9.30% |
9.65% |
Courtesy of
Call Laura today and tell her Lyn sent you!
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