Tuesday, July 10, 2007

What is David Dodge trying to do? Bank Rate Increases - Again!

July 10, 2007

Good Morning,

The Bank of Canada announced a rate increase this morning. The Bank increased the prime overnight rate to 4.50% (a .25% increase). This is the highest Bank rate in the last 6 years.

David Dodge (Governor of the Bank of Canada) gave strong signals the rate may go up to 4.75% with the Bank's next review on September 5th, 2007.

Today's rate increase is not expected to have a major impact on the market since the increase was anticipated and priced accordingly in recent months.

My lenders have not issued rate changes yet - the following rates are HLC's best rates currently available. If you are a potential home buyer, it's time to contact your mortgage person and get a rate lock in place.

The following table is HLC RATE UPDATE
July 10, 2007

Prime Rate………….6%
Variable Rate……….Prime less .95%
1 year closed……….5.60%
3 year closed……….5.70%
5 year closed……….5.65%*
7 year closed……….5.78%*
10 year closed……...5.85%*
25 year closed……...6.58%

* for mortgage of $500,000 or greater; slightly higher rates for lower mortgage amounts
Information subject to change without prior notice. APR.E.&O.E.

Read more about Current Mortgage Interest Rates

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

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