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Toronto Mortgages - Interest Rate Update

Blog by Tridac Mortgage | August 16th, 2010

For the 3rd time this year lenders are offering fixed 5 year mortgages for less than 4%. interesting when you consider the headlines from just a few months ago warning of an immanent long term increase of mortgage interest rates and all the caveats from the banks to lock in rates.

Mortgage Interest Rates For Week of August 16, 2010:

2.70% – 1 Year Fixed

2.90% – 3 Year Fixed

3.89% – 5 Year Fixed (quick close Sept 30th)

2.87% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.70   3 Year Variable

P-.65   5 Year Variable

Prime Rate is currently 2.75%

Bank of Canada Qualifying rate has dropped to 5.59%

NOTE: Rates are subject to change without warning at the lender’s discretion.