May 3, 2010
Monday Mortgage Minute May 3rd 2010
Mortgage interest rates continue to climb for the 4th week in a row. There is a lot of discussion between observers and economists who think that the banks are prematurely driving rates up as highlighted in Rob Carrick’s Globe & Mail article, “Are Big Banks Jumping the Gun?”. With each passing week the variable option looks better and better, the only draw back is if you require a high ratio mortgage you will need to qualify based on the Bank of Canada’s Qualifying Rate which is an astronomical 6.25%. Not only is the spread between fixed and variable almost 3% there are a lot of forces at play which may prevent the prime rate from increasing significantly over the coming months, inflation is down in Canada and the Greek crisis will have far reaching global effects.
Chris Molder -Son Of A Broker
2.65% – 1 Year Fixed
3.85% – 3 Year Fixed
4.64% – 5 Year Fixed
4.39% – 5 Year Fixed Quickclose (Must close before June 15th)
3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)
P-.40 3 Year Variable
P-.50 5 Year Variable
NOTE: Rates are subject to change without warning at the lender’s discretion.
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