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Rates continue to drop!
Surrey, BC - September 16, 2009 - The Bank of Canada left Prime at 2.25% this month again, as we expect it to for the next 6 - 8 months at least. Though the media loves to state how we are now "out" of the recession, we are likely to see a slow recovery in the US and Eastern Canada, leading to low rates for quite some time.
With Fiscal year-ends looming at the end of October for most lenders, competition to meet their targets are now heating up. Variable rate mortgage products are seeing bigger discounting, with most at Prime + .20% (2.45%) now, and a few from Prime to Prime + .10% (2.25% - 2.35%). Fixed rates are also dropping, 5 year discounted fixed rates are below the magical 4.00% range for many lenders.
As always, having a Mortgage Strategy in place is always the best plan!
Trust your clients to Michael Lloyd & the Invis on the Peninsula team, they will be well looked after and we will make you look good! |
