Mortgage Rates Dropping - Again
I don't typically send out updates any longer on random rate changes as I know you have better things to do with your time. However, over the past few weeks we have seen a steady decline in fixed rates. Even the discount on variable rates is dropping.
We have been notified that the rates below - for some lenders - will drop again tomorrow. This rate drop may not stick around for long though as the bond market may move again and result in a bounce back in rates.
So, if you are considering your mortgage renewal, looking to refinance to renovate or buy another property - or you are buying a new home for your family - you should consider getting a rate hold now - good till almost Christmas - as these low rates won't last forever. This protects you from rate increases in the typical fall season.
If you want me to run some numbers or review your current situation - no obligation - call me at 604 813 8402 or email me at pauline@mybcmortgage.ca - anytime.
Best rates:
1 year term 2.3%
2 year term 2.99%
3 year term 3.2%
4 year term 3.69%
5 year term 3.79%
7 year term 4.55%
10 year term 4.99%
3-year variable P-.7%
5-year variable P-65%
Home equity line of credit P+.6%
Prime lending rate currently = 2.75%
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