Following the Bank of Canada’s interest rate announcement last Tuesday we weren’t too sure in which direction the fixed rate market would move. Mortgage lenders responded by lowering their fixed rate mortgage rates. They also increased the spread on the 5 year variable rate mortgage from P-0.50 to P-.60 giving an effective rate of 1.90% based on the new prime rate of 2.50%. If you are just entering the interest rate market because you are considering buying or your mortgage is coming up for renewal it may not be obvious whether to go fixed or variable in this market. The circumstances are individuals are unique and there is a mortgage solution to suit your circumstances give me a call to discuss. 416.461.0204ext2
Chris Molder – Son Of A Broker
2.80% – 1 Year Fixed
3.75% – 3 Year Fixed
4.25% – 5 Year Fixed
3.10% – Merix 50/50 Mortgage (Fixed/Variable hybrid)
P-.50 3 Year Variable
P-.60 5 Year Variable
Prime Rate is currently 2.50%.
NOTE: Rates are subject to change without warning at the lender’s discretion.
http://www.youtube.com/watch?v=HjWwNwtZCgk
