Sunday, June 08, 2008

2008 Mortgage Rates

2008 Mortgage Rates

With the Bank of Canada interest rate decision coming up next week, mortgage rates are a hot topic at the moment. The CMHC has just reported that posted mortgage rates eased by about 50 basis points in the first four months of 2008, although rates in late April were 30 to 35 basis points higher than they were 12 months prior. Mortgage rates are expected to trend marginally lower throughout 2008, but will be within 25-50 basis points of their current levels.
I came across a handy site that is useful They compare over 500 Canadian mortgage rates from banks to brokers and showed that best current 1 year closed fixed rate was 6.05%.
It will be interesting to see what the Bank of Canada does next week.
Cheers,
Mark

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