Bank Rates Cut .50%!
Today, December 9th, the Bank of Canada announced a .75% cut to their rate! The Banks have cut their prime by only .50% though. Lenders can sometimes take a couple of days to settle out their rates after a change as this one, so we may yet see some movement. The people who could apply political pressure seem busy, or rather not busy these days. It is widely expected that the B of C will cut rates again in January. Keep floating. In the meantime the 5 year term rate is now flirting with the 5% mark. Most lenders are 5.1% to 5.25% but the best is at 4.99%. Watch for this trend to continue!
|
Term |
Best |
Bank Posted |
|
1 year |
4.35% |
5.60% |
|
3 year |
5.15% |
6.45% |
|
5 year |
4.99% |
6.95% |
|
10 year |
6.15% |
7.75% |
|
25 year |
6.75% |
n/a |
Bank Prime Rate 3.50%
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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