Toronto mortgage broker, Chris Molder, updates the mortgage market conditions, rates, and what it all means to you, through his weekly mortgage video blog.
For the week of June 07, 2010, following the Bank of Canada’s recent interest rate announcement, we weren’t too sure in which direction the fixed rate market would move. Mortgage lenders responded by lowering their fixed rate mortgage rates. They also increased the spread on the 5 year variable rate mortgage from P-0.50 to P-.60 giving an effective rate of 1.90% based on the new prime rate of 2.50%.
If you are just entering the interest rate market because you are considering buying or your mortgage is coming up for renewal it may not be obvious whether to go fixed or variable in this market. The circumstances are individuals are unique and there is a mortgage solution to suit your circumstances. If you'd like to discuss, I'd like to hear from you. Give me a call at 416.461.0204.