January 20, 2009 - Nothing but GREAT news today! The Bank of Canada has dropped their rate by .5% to the lowest rate in history, and the Banks are passing on the drop. Prime rate is now at 3%...Keep Floating!
Longer term rates are edging down and will keep on this trend. The Real Estate market appears to be heating up with strong numbers heading to open houses and reports of competing offers.
Bank Prime Rate 3.00%
|
Term |
Best |
Bank Posted |
|
1 year |
3.99% |
5.60% |
|
3 year |
4.64% |
6.25% |
|
5 year |
4.49% |
6.75% |
|
10 year |
6.10% |
7.55% |
|
25 year |
9.75% |
n/a |
Variable mortgages from prime plus .60%
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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