The bond rate has been steady the last few weeks. From a year to date high of 2.53 on April 8th, the rates have fallen 30-35 basis points. This has resulted in all lenders lowering their fixed rates. 5 year mortgages are now available in the 3.89-4.19% range. There has been no change in the variable rate mortgages.
We continue to get mixed signals as to what is happening with inflation and the Bank of Canada's position re raising rates. This morning TD bank indicated they do not expect any increases until late summer or early fall. Bottom line is there are uncertainties in the financial markets. At this time there is no increase expected when Bank of Canada releases its report on May 31st.
If you have a variable rate of any more than prime, prime + or a fixed rate of 5.0% 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%
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