Mortgage Interest Rate Update Bank of Canada
No surprises yesterday when the Bank
of Canada announced that it was going to keep the prime mortgage rate unchanged.
The Bank has observed that the global economic recovery is proceeding
as they expected and that risk remains high. You can read the entire
press release here off the Bank of Canada website.
What does this mean to you?
If you are currently in a variable rate mortgage we see no reason to convert into a fixed rate. Although fixed rates have crept up from previous all time lows they still remain very low historically speaking. There is no indication that rates will rise unexpectedly over the coming months.
If you are currently in a variable rate mortgage we see no reason to convert into a fixed rate. Although fixed rates have crept up from previous all time lows they still remain very low historically speaking. There is no indication that rates will rise unexpectedly over the coming months.
Thinking of refinancing?
In our last Rate Watch we shared 3 major changes
to mortgage rules that come into effect on March 18th, 2011. The most
significant is a reduction in the total amount a homeowner can refinance
their mortgage. If you're carrying overwhelming debt, now is
the time to refinance. Also consider refinancing if you are planing on
tapping into your equity for major renovations, investments or any other
use. Connect with us if you're considering a refinance, your
application must be submitted before March 18th.
Mortgages are very dynamic and the guidance that
we offer is based on the circumstances of each individual. If you'd
like to review your mortgage to make sure that you are still on track give us a call, we're here to help you. 416.461.0204 And remember, our mortgage services to you are free.
