Agent Blogs

Updated Thursday, October 31, 2013

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Bond rates have continued to inch downward the past week. If this continues, we will likely see some further softening of long term rates. Several lenders did lower their rates by 10 basis points. 5 year rates continue in the 3.49-3.89%. Variable rates are increasingly becoming a more attractive option for many, with rates in the 2.50-2.70% range. The Bank of Canada did not move rates last week. A Financial Post article today speaks of the chance of the rate being lowered. This is the first reference to this we can recall in the last several years. We will have to wait and see what happens. This does however, support the thinking that variable rates may be a better choice for those with the tolerance for risk. If your mortgage is renewing in the next 6 months or you are thinking of refinancing, we 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. Bank prime is 3.00% The next meeting of the Bank of Canada is December 4, 2013. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help. Cory Kline, AMP Mortgage Planning Since 1998 - VOTED: Barrie's Best 2010 Mortgage Professional, by the readers of the Barrie Examiner. Cell / Text: 705-794-1283 cory@ndlc.ca www.MortgageAndLifestyle.com Mortgage Agent, FSCO # M09001239 Brokerage FSCO Lic. # 11764