Agent Blogs

The bond rate tumbled to new lows this week. This is certainly the lowest we have seen in the last 20-30 years! The lender's have been cautious about lowering their fixed rates so far. We do expect to see them do so if the cost of funds continue at the current levels. 

The flood of money to safe havens, treasury bills, has been massive. This is what the result of the global concerns in the financial markets. The U.S. Fed has said they will be keeping rates low for the next 2 years.  It is likely Canada will follow suit. This may mean a stabilization of our Bank Prime rate and the possibility of rate drop back to where we were before the last increases. We will be hearing and reading more about this in the months to come. 

If you are in the midst of paying a penalty to break a mortgage, make sure you re check the penalty as it may have increased. 

If you have a variable rate of any more than prime or prime + or a fixed rate of 4.50% or more, we should explore the merits of refinancing to a lower rate. Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.  

These low rates are still close to historical lows, making now a great time to buy or refinance. 

Bank prime is at 3.00%

The next meeting of the Bank of Canada is on September 7, 2011.  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help. 
                                                                                                                                               ...Cory