Rates Steady...For Now
Interest rates are unchanged this week. The markets are suffering some losses from the gains of the last couple of weeks. The bond market (where lenders get their mortgage funds to lend out) is showing decreasing yields which takes the pressure off rates to increase. In fact there is some room to decrease the 5 year rate, but nothing yet.
The world bank is still forecasting economic doom and gloom. At home, the Real Estate market is quite brisk as record low rates and lower purchase prices are driving the rush. A number of people booked an interest rate in the last few weeks and they will need to buy their new place within 120 days, another push for an already hot market. Increases in prices across the board aren’t that far away and we’re already seeing it in hot market areas like Vancouver East and West side.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.75% |
3.75% |
|
3 year |
3.59% |
4.65% |
|
5 year |
4.39% |
5.85% |
|
10 year |
5.50% |
7.15% |
|
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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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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