Mortgage Rates

April 11th : Rates fell slightly on the shorter terms. As variable rate mortgages are typically qualified using the 3 year fixed rate, this is good news. The best three year fixed rate is now 5.25%
Prime = 5.25% (Next announcement date is April 22nd)
- Prime minus 0.75% (currently 4.50%) 5 year term
- Prime minus 1.75% (currently 3.5%) for the first 6 months, prime less 0.40% (currently 4.85%) for remainder of term

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