Interest rates have edged slightly lower this week. The fixed terms are adjusting as lenders and Government forces attempt to get interest rates to a level that will stimulate borrowing.
Bank of Canada next meets on March 3. Expectations are that there will be more decreases in the rate that affects prime rate and variable mortgages.
Bank Prime Rate 3.00%
|
Term |
Best |
Bank Posted |
|
1 year |
3.50% |
5.00% |
|
3 year |
4.50% |
5.55% |
|
5 year |
4.39% |
5.79% |
|
10 year |
6.00% |
7.35% |
|
25 year |
9.15% |
9.75% |
Variable mortgage from Prime + .80%
Bold numbers denote change from last posted rates.
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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