| Friday, December 4, 2009 Mortgage Rate Update - December 1, 2009by Lyn Hart on Fri, Dec, 4, 2009 01:42 AM Interest Rates Going Down?
The bond market, where lenders go to get funds to lend for longer term mortgages, has room to move mortgage rates lower. The Bank of Canada is showing no signs of wavering from its commitment to keep rates low until at least June 2010. Rates are staying low but affordability is coming down as the very busy Real Estate market drives prices up.
The trouble in Dubai caused a quick knee jerk reaction but seems to have been absorbed without great notice by financial markets. Slow and steady recovery will be how this recession plays out. Keep floating.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.25% |
4.5% |
|
3 year |
3.25% |
5.15% |
|
5 year |
3.99%* |
5.84% |
|
10 year |
5.25% |
7.15% |
|
25 year |
9.30% |
9.65% |
*Strings attached to this rate!
Bold numbers denote change from last posted rates.
Variable mortgage from Less Than Prime...TODAY at 2.15%!
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