Interest rate update August 10th 2011
The recent global economic downturn has benefits if you are currently in the mortgage market. The market mayhem has two effects: on the one side it alleviates any pressure the Bank of Canada may have felt to increase the prime rate and secondly, as investors pour their money into safe investments like Government of Canada bonds the yield drops. A falling bond yield triggers lower fixed rate mortgages.
The following are current rates:
1 Year Fixed – 3.19%
3 Year Fixed – 3.55%
5 Year Fixed – 3.49%
3 Year Variable P-.65 (2.35%)
3 Year Variable P-.80 (2.20%) High ratio only.
5 Year Variable P-.90 (2.10%)
50/50 Hybrid 3.02% (effective rate)
Prime Rate is currently 3.00%.
If you are shopping around for a rate don’t hesitate to get in touch.
