Fixed rates dropping!
Surrey, BC - Feb. 12, 2009 - With the Bank of Canada likely to drop their key lending rate by another .50% March 3rd, rates are low & getting lower. 5 year discounted fixed rates are following along, with most in the 4.39% range and some with "Quick Close" rules in the 4.19% range.
For most clients I am still recommending they take a variable rate mortgage at this time (currently the best are at 3.80%), then float for the next year or so and look at locking it in to a fixed rate then, before the US turns around and rates start to go up.
While many of you are in great floating variable rate mortgages enjoying record low rates, your friends and family may not have been as lucky to get great mortgage advice previously. Please have them call me today as they are probably paying too much on their mortgage (pretty well anyone paying more than 5.00% right now!) and the longer they wait, the higher the penalty to break them can become.
As always, having a Mortgage Strategy in place is always the best plan!
Call us for a no obligation review at anytime.
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