| Wednesday, December 17, 2008 Mortgage Rates Week of December 16thby Lyn Hart on Wed, Dec, 17, 2008 02:22 PM More Tweaks to Rates
Small downward changes in rates this week. The yields on bond market, where lenders go to get their funds for mortgages, are dropping. Long term rates are under pressure to drop accordingly. This trend will continue along with the decreases ahead by the Bank of Canada. The interest rate news is all great this week. Keep floating!
Bank Prime Rate 3.50%
|
Term |
Best |
Bank Posted |
|
1 year |
4.35% |
5.60% |
|
3 year |
5.10% |
6.25% |
|
5 year |
4.80% |
6.75% |
|
10 year |
6.10% |
7.55% |
|
25 year |
6.75% |
n/a |
Bold numbers denote change from last posted rates.
There is a great deal of political pressure on the Banks to pass along all of Bank of Canada interest rate cuts. Watch in the days ahead, with change to the US Leader and our own Leader facing economic and political challenges, that rates will have more downward pressure.
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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Email
