Sunday, February 24, 2008

Will Canadian Mortgage Interest Rates ease next week when the BofC meets?

Will the Mortgage rates ease when the Bank of Canada meets in early March?

Borrowing costs declined the last Friday in January as major Canadian lenders and banks cut their mortgage interest rates on several longer-term mortgages and loans.

Royal Bank, TD Canada Trust and Laurentian Bank all announced cuts ranging from 0.05 to 0.1 of a percentage point.

With the change, a posted five-year closed mortgage rate now ranges from 7.39 to 7.4 per cent.

The banks' posted 10-year mortgage rate was 8.05 per cent, down 0.1 of a percentage point.

Rates on one-year closed mortgages remained unchanged in a range from 7.25 to 7.35 per cent.

On the preceding Tuesday, the Bank of Canada cut its key overnight rate the target rate is sets for overnight loans between major banks by 0.25 of a percentage point, and signalled that more cuts will be likely to keep the Canadian economy on track.

The cut by the central bank led major banks to cut their lending costs on variable-rates mortgages.

Refreshing news, since it took two Bank of Canada reductions to get the banks to reduce their fixed rate mortgages, in case you weren't watching!

Let's see if the next meeting the Bank of Canada will reduce rates or not, only time will tell

Today's current mortgage rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

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A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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