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
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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