Welcome to a new year of possibilities! Interest rates on mortgages have been edging down and should continue this trend for many months as the economy works the bugs out. The Bank of Canada meets on January 20th and should lower rates by .25%-.50%.
The Canadian Government is hammering on the banks to quit hoarding money by increasing their spreads they charge and so we should see more long term rate decreases as well.
Bank Prime Rate 3.50%
|
Term |
Best |
Bank Posted |
|
1 year |
4.00% |
5.60% |
|
3 year |
4.69% |
6.25% |
|
5 year |
4.75% |
6.75% |
|
10 year |
6.10% |
7.55% |
|
25 year |
6.75% |
n/a |
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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