The interest rate market was extremely steady the past week. We currently have 5 year money in the 2.99-3.49% range. Variable rates continue to be an attractive option with rates around 2.50-2.60%. With the Bank of Canada meeting in the next couple of weeks, we do not expect any changes at this time.
If your mortgage is renewing in the next 6 months or you are thinking of refinancing, I strongly recommend that you start the process now.
If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today's record low rates.
Please contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
Bank prime is 3.00%
The next Bank of Canada meeting is on March 4th.
If you, your family, or co-workers require guidance on current market trends, please call me, I'm always available to help.
To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! The more referrals you send, the better your chances of winning!
Call me for more details 705-794-1283.
Contest closes November 20th, 2014 at midnight EST.