| Wednesday, September 16, 2009 Mortgage Rate Update - Sept. 15, 2009by Lyn Hart on Wed, Sep, 16, 2009 12:22 PM
Mortgages On Sale
Lenders are eager to lend money these days amid the busy Real Estate market and the speculation of economic recovery. Competition is fierce and we are seeing a decrease in the spreads that lenders charge,
There is no immediate threat of rates rising and floating is still a great way to go. The Bank of Canada remains committed to another 9 months at this rate. The longer term rates have hit a low, risen a bit and now coming back down.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.55% |
3.75% |
|
3 year |
3.49% |
4.65% |
|
5 year |
3.69%* |
5.85% |
|
10 year |
5.45% |
7.15% |
|
25 year |
9.25% |
9.75% |
*Strings attached to this rate!
Bold numbers denote change from last posted rates.
Variable mortgage from Prime +.20...TODAY at 2.45%!
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