The bond rate has continued to inch downwards the past several weeks. 5 year funds are in the high 2% range(2.89-3.04%) range.
Variable rate mortgages are in the 2.35-2.45% range.
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%
Next Bank of Canada update is Sept 3rd
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