INTEREST RATE UPDATE, OCTOBER 30, 2013

There has been no change in interest rates since the Bank of Canada announced its overnight rate of 3% last week. Due to the unsettled economic conditions in the world the Bank, for the first time, has indicated that there is no increase in the near future.

The posted five year rate at most financial institutions is 5.34%, however, this can frequently be negotiated down to 3.59% for a five year closed mortgage for qualified buyers. (Buyers must qualify at the posted rate.) The variable rate is prime minus 0.4% (2.6%). Given the future stability in the prime this may the time to consider a variable rate mortgage!

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Tricia Greer

Tricia Greer

REALTORĀ®
CENTURY 21 Millennium Inc., Brokerage*
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