Rates remained the same on both fixed and variable mortgages the past week. Bond rates continue to be extremely low and stable. We are seeing 5 year mortgages in the 3.09-3.39% range and variable rate mortgages as low as prime -.2%. The 10 year fixed special still seems to be the best deal out there at 3.89%.
Today's rates are historical lows, making now a great time to buy or refinance.
If you have a variable rate of any more than prime +.75 or a fixed rate of 4.25% or more, we should explore the merits of refinancing to a lower rate.
Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
Bank prime is at 3.00%
The next meeting of the Bank of Canada is on March 8, 2012.
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
Cory@ndlc.ca or 705-794-1283