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
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: