Market Heating Up!
Interest rates have basically stayed the same this week. There is a little bit of movement in the variable rates as some lenders have decreased. The 5 year bond rate is up…..this could put pressure on the 5 year rate to increase. Interest rates should continue to be low for a long period of time yet but we may be seeing the bottom of the five year rate. Locking in may be a good idea for some but each borrower should have a look at their existing rate and what the lock in rate would be. Is it worth having your payments go up?
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.90% |
3.90% |
|
3 year |
3.05% |
4.15% |
|
5 year |
3.59% |
5.25% |
|
10 year |
5.25% |
6.70% |
|
25 year |
9.15% |
9.75% |
Bold numbers denote change from last posted rates.
Variable mortgage from Prime +.60..TODAY at 2.85%!
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