Mortgage Interest Rate Review May 6th 2011

May 6, 2011

Over the past 4 weeks fixed mortgage interest rates have bounced up and down and been all over the place. It’s interesting to observe the hysteria (mostly spurred on by media) that comes with each increase to fixed rates.  Each time fixed rates increase experts agree that this is the end of “low” fixed rates and that borrowers better take immediate action to take advantage. However the last 4 or 5 times rates have increased they have always settled back down. If you were to draw it out it would look like a gently upward sloping oscillation.
Previous to the last increase the best fixed 5 year rates sat at about 3.89%. After the increase the fixed 5 year jumped up to 4.34%. Today’s best fixed 5 year has settle back down to 3.99% for a closing before June 15th 2011.
The following are current rates:
1 Year Fixed – 3.19%
3 Year Fixed – 3.52%
5 Year Fixed – 4.29% (120 day ratehold)

5 Year Fixed – 3.99% (Quickclose June 15th)

3 Year Variable P-.65 (2.35%)
5 Year Variable P-65 (2.35%)

Prime Rate is currently 3.00%.
Bank of Canada Qualifying rate 5.59%
Rates are subject to change at the lenders discretion
Get me to negotiate with the bank on your behalf! Call 416.461.0204ext2 or email me [email protected] to learn how I can help you.

Profile

Christopher Molder

Mortgage Broker

Christopher is a mortgage broker based in Toronto, Canada. And a son of a broker too. He’s a second generation mortgage broker. Following in his father’s steps he joined the family mortgage business straight out of university.