Monday, June 16, 2008

RATES UP! Mortgage Interest Rate Update

As may already be aware, the Bank of Canada made no changes to their prime rate at their meeting on June 10th, contrary to the expected drop of 25 basis points.

There has been pressure on lenders to increase mortgage rates for the past couple of months, which they are now implementing today. Many of the key lenders have already announced their increases with others expected to follow throughout the course of the day.

The lowest current rate on a five year fixed is now 5.54% (up from 5.25 previously).

The variable rate remains unchanged at 4.15%. (0.60 below prime)

If you've been waiting for rates to bottom out, it may be time to get off the fence and make your purchase!


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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

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