Wednesday, April 23, 2008

What does the recent drop in mortgage interest rates mean to you?

What do the recent drop in interest rates mean to you?

As everyone is by now aware, the Bank of Canada lowered their prime lending rate by 50 basis points yesterday bringing the rate down to 4.75%. This means that we are now seeing variable rates as low as 4.15%!

While they have lowered the rate by 1.5% since December, it is unlikely that we have seen the last of the cuts. The next Bank of Canada meeting is scheduled for June 10 where we can expect the rate to come down by another 25 basis points, which experts believe to be the last adjustment of the year. This would mean anyone with a variable rate at 0.6 below prime would be paying 3.90%!

As of right now, the variable rate is at 0.6 below prime as mentioned. With the rates coming down, we may end up seeing an upward adjustment to this figure in the near future. The lowest available rate right now on a five year fixed remains at about 5.35%, but I expect to see fixed rates dropping over the next few weeks. I will keep you posted.

If you are contemplating renewing or a purchase, I can help you with putting you in contact with excellent mortgage people.

Please email me and see for yourself the strong commitment I have to you, as well as to the superior customer service you can expect from me.

Thank you,

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

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RE/MAX Realty Specialists Inc.

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