| Mortgage Update
December 7, 2010 |
Bank of Canada leaves Prime as is...
The Bank of Canada chose to leave Prime alone today at 3.00%, stating that the world economy is dragging, and there is little chance of inflation increasing in the next while.
We expect them to sit on the sidelines well into mid 2011 unless something drastic occurs.
As for fixed rates, while they blipped up slightly recently, bond yields have held fairly steady and the lenders seem content to keep their rates steady currently. We expect fixed rates to bump along in this area for the next 10 - 12 months going up and down based on bond yields and lender's appetite for business.
Our current best variables are now running at Prime -.65 - .75%, so with Prime at 3.00% currently that equals 2.35% - 2.25%. 5 year fixed rates now hover in the 3.69 - 3.79% range with most lenders currently for their standard products, some specials do exist. The qualifying rate for high ratio variable rate mortgages is 5.19%.
Now is the time to have a strategy in place, make sure you have had a chat with us!
As always, if you have any questions or concerns, please email or call us at anytime. |
Help us help those less fortunate!
IOP wants to help those who have less this winter and you can help us! Please drop off your food or donation at our office and we will coordinate getting it to the Food Bank.
See the Food Bank's video here
Please call our office if you have any questions...thanks! Make a difference this year! |
