Mortgage Interest Rate Update after Bank of Canada Prime Rate Drop of .25%
Financial markets and interest rates dominated the news yesterday - as you are aware, the Bank of Canada lowered their lending rates by .25% and most banks have lowered the Prime lending rate to 5.75% (from 6%).
Following yesterday's announcement, fixed rate mortgages remain unchanged. Today's best pricing on a variable rate mortgage is 5.15% (Prime less .60%).
The next Bank of Canada rate announcement is scheduled for March 4th and there were strong suggestions yesterday that addiitional rate decreases are likely.
Mortgage Interest Rate Update
January 25th, 2008
Prime Rate .5.75%
Variable Rate Prime less .60%
1 year closed .5.65%
3 year closed .6.00%
5 year closed .5.99%
7 year closed .6.03%*
10 year closed ...6.10%*
25 year closed ...7.10%
Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. 
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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