| Wednesday, August 18, 2010 Mortgage Rate Update - Aug. 17, 2010by Lyn Hart on Wed, Aug, 18, 2010 12:54 PM Dropping...
Great news this week as the “Big Banks” are finally getting in the game for interest rates. The news is all about the drop in interest rates by the Banks. Other lenders have already been down for a few weeks and I am looking to see rates go down even further. It is becoming more difficult to make the choice between variable and fixed rates as these rates get closer together.
The Real Estate market has slowed considerably since the hectic pace of late spring/early summer. Higher rates, changes to qualifications for obtaining a mortgage and the perceptions surrounding the HST are all responsible for the slowdown.
When things get slow, rates stay low….or go lower. Perhaps we will see a busy fall market as borrowers see an opportunity with lots of housing inventory and great interest rates.
Bank Prime Rate 2.50%
|
Term |
Best |
Bank Posted |
|
1 year |
2.65% |
3.50% |
|
3 year |
3.49% |
4.50% |
|
5 year |
3.79i |
5.49i |
|
10 year |
5.25% |
6.90% |
|
25 year |
9.30% |
9.65% |
Bold numbers denote change from last posted rates.
Variable mortgage from Less Than Prime!
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