A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Weekly Mortgage Rates June 21 – 27, 2009

Interest Rates are determined by two tracks. One is the bond market, where investors tend to sell bonds when they see higher inflation and interest rates coming and to buy bonds when they see rates falling or are petrified with fear about a global financial meltdown. That’s what’s happened with bonds in the past nine months or so.

The second rate track is the one the Bank of Canada influences through its overnight rate, which in turn has a major impact on the prime rate charged by the banks to their best customers. The prime, in turn, is the key to variable-rate mortgages.

The two interest rate tracks do not run parallel right now. The Bank of Canada said in April that it would keep its overnight rate steady for as long as a year if required to steady the economy, and last week central bank Governor Mark Carney said there’s a risk in removing support to the economy too soon. BMO’s Mr. Porter said it’s possible that the Bank of Canada could start raising its benchmark rate in the early part of next year. So here’s the question if you’ve got a variable-rate mortgage: Do you jump into a five-year rate that is still close to historical lows, even after the recent move up, or do you coast? I’ll answer that in another post.

Here’s this weeks mortgage rates:

Terms                 Bank Rates        Our Rates

6 Month                4.60%               3.95%
1 YEAR                  3.75%                2.75%
2 YEARS               4.05%                3.05%
3 YEARS               4.65%                3.65%
4 YEARS               5.14%                 4.09%
5 YEARS               5.85%                 4.29%
7 YEARS               6.80%                5.35%
10 YEARS             6.90%                5.25%

Rates are subject to change without notice. *OAC E&OE
Prime Rate is 2.25%
Variable rate mortgages from as low as Prime + .35%

Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.
*O.A.C., E.& O.E.

For Homes for Sale in Meadowvale, Mississauga, Brampton and Oakville see Sell My Home in Mississauga Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my Find Your Dream Home Site

No TweetBacks yet. (Be the first to Tweet this post)

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>