It appears as if the mortgage rate market has stabilized after the bank of Canada’s decision to increase the prime rate earlier this month. While rates aren’t as low as the begining of 2010, mortgage interest rates still remain low historically speaking.
To take advantage of these low rates, speak with a mortgage professional to avoid pitfalls and satisfy all the conditions of a lender.
Mortgage Interest as of June 21, 2010
2.80% – 1 Year Fixed
3.75% – 3 Year Fixed
4.25% – 5 Year Fixed
3.13% – Merix 50/50 Mortgage (Fixed/Variable hybrid)
P-.65 3 Year Variable
P-.60 5 Year Variable
Prime Rate is currently 2.50%
NOTE: Rates are subject to change without warning at the lender’s discretion.