| Wednesday, January 6, 2010 Mortgage Rate Update - Jan. 5, 2010by Lyn Hart on Wed, Jan, 6, 2010 01:36 AM
Happy New Year!
2010 promises to be an interesting year for mortgages and real estate. The final numbers are in for 2009 and prices and volumes of activity have eclipsed 2008. The market has been spurred on by record low interest rates and a very, very slow start to the year. The demand is still strong and, with less listings on the market, there will be pressure on prices to increase.
Interest rates will remain low for the next while too. The Bank of Canada is holding to their commitment to keep rates low into June. The rise in the Canadian dollar will mean that the B of C will have to wait to raise rates. Too soon and they derail the recovery, especially in the manufacturing sector.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.25% |
4.5% |
|
3 year |
3.25% |
5.15% |
|
5 year |
3.89%* |
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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Call Laura today and tell her Lyn sent you! |
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