July 6, 2010
Monday Mortgage Minute – Interest Rates July 5th 2010
All signs are pointing to lower fixed rate mortgages again for the 3rd time this year. Bond yields are low and as a result we are seeing fixed rate mortgage prices dropping just a little bit further this week. The Bank of Canada has also dropped its benchmark qualifying rate for high ratio mortgages by 0.10%.
As a mortgage broker I get paid a steady finders fee from the lender. It doesn’t matter which lender we go to, the fees are similar so there is no incentive to take you to one lender over another. The only incentive I have is to give you honest open advice to make sure that you tell your friends and family about your positive experience. Send me a quick e-mail to get the ball rolling!
2.70% – 1 Year Fixed
3.49% – 3 Year Fixed
4.09% – 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%.
Bench Mark Qualifying rate is 5.89% (Used to qualify high ratio mortgages)
NOTE: Rates are subject to change without warning at the lender’s discretion.
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