20 July 2010
The Bank of Canada raided its key interest rate by ¼% today. This has been the second increase in a row.
The Bank of Canada stated that the hike was a response to the slower than expected Canadian recovery as well as a weaker global economy and growth. Lenders are expected to increase prime lending rates by ¼% at some point in the near future.
This hike will affect variable rate mortgages tied to prime and Lines of Credit. Fixed rate mortgages are not expected to change.
Borrowers with good credit, qualifications and quick closes can qualify can get 4.05% fixed 5-Year rate.
Variable rate mortgages currently Prime -.60% for 5 Year. 3 Year Variable special is Prime -.70%
Have your client pre-qualified as soon as possible to secure their best rate and mortgage.
If you have any questions, please call me, I’m here to help you and your clients make smart decisions with financing options. 604 649-5991 Jared Dreyer, Accredited Mortgage Professional
