Rates Stay Steady This Week
Interest rates have not moved this week as the world adjusts to the new normal after 3 rate hikes on the longer terms. The ironic thing is that the yield on the bond market, where lenders go to get their funds to lend as mortgages, has come down to almost the same levels that it was at when lenders were offering 5 year mortgages for under 4%. Currently the “Banks” are charging 4.79% on their 5 year mortgage. There are lenders who have better deals but it would be nice to see the rates come down a little.
The uncertainty in Europe over the financial crisis in Greece….and soon to be other countries as well, is causing investors to flee to the safety of bonds and (oddly) the US dollar. This will make it even more difficult to predict the next move by the Bank of Canada. Perhaps the volatility will allow them to hold steady with the rates into the summer or later in 2010.
Many borrowers are going into a variable term these days with the idea that the coming increases will be manageable and drawn out. The Real Estate market continues to be brisk, especially while borrowers with a pre-booked rate find themselves a new home before time is up.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.65% |
4.35% |
|
3 year |
3.29% |
4.6% |
|
5 year |
4.39% |
6.10% |
|
10 year |
5.25% |
7.05% |
|
25 year |
9.30% |
9.65% |
Bold numbers denote change from last posted rates.
Variable mortgage from Less Than Prime...TODAY at 1.75%!
Courtesy of
Call Laura today and tell her Lyn sent you!
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.
Comments:
Post Your Comment: