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Weekly Mortgage Rates from December 21st – 25th, 2009

Happy Holidays!!! I hope you will have a safe holiday season. Interest rates continue to remain low but in question period this week, the Finance Minister Jim Flaherty has indicated he may considering raising the minimum down payment for home buyers as well as reducing the amortization period in order to stop some consumers from taking on too much debt. These new measures would target consumers “who are taking on obligations that they will not be able to handle in the future when the interest rates do rise.” Minimum down payment of five (5) per cent may increase and the amortization period may be reduced “from a maximum of 35 years to something less.” Those measures would increase the monthly payments, making it more difficult for some people to take on a mortgage and purchase a home, without having to increase the interest rate.

As a first time home buyer, now is the time to start taking measures to own your home. Let me show you how.
Here are the rates for this week!!!

This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is “free”.* It’s the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)
• Our Best Rates
• Explore Mortgage Scenarios with Helpful Calculators on http://www.jamessmythe.ca

 

 
Terms Bank Rates Our Rates
6 Month 4.60% 3.85%
1 YEAR 3.65% 2.35%
2 YEARS 3.95% 2.95%
3 YEARS 4.50% 3.25%
4 YEARS 5.19% 3.85%
5 YEARS 5.59% 3.79%
7 YEARS 6.60% 5.25%
10 YEARS 6.70% 5.35%
Rates are subject to change without notice. *OAC E&OE

Prime Rate is 2.25%
Variable rate mortgages from as low as Prime – .15%
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.

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