The bond market has softened slightly the past week. There have been no changes in fixed or variable rates.
5 year fixed rates remain in the 2.98%-3.19% range.
Variable rate mortgages are available in the 2.35-2.55% range.
The Bank of Canada will have their press release on April 16th along with their Monetary Report. No changes are expected at this time.
'The sudden death of former federal finance minister Jim Flaherty last week was the biggest story on the front page and in the business pages. As finance minister, he took a keen interest in the housing and mortgage markets. Under his watch, rules for insured mortgages were first loosened considerably and then tightened in recent years.'
'Housing starts dropped sharply in March, according to figures released last week by CMHC. Many economists have been predicting a pull-back in residential construction activity as builders adjust and manage their inventory levels.'
If your mortgage is renewing in the next 6 months or you are thinking of refinancing, I strongly recommend 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.
Contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
Bank prime is 3.00%
P.S. If you, your family, or co-workers require guidance on current market trends, please call us, I am always available to help.
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