After rates increased a couple of months ago things have now settled down again. Here is a quick update on interest rates. Five year fixed rates have now dropped down again by a ¼% and are under 3.5%. Variable rates still remain around the 2.5% mark so now is still a great time to lock in a mortgage rate. If you are looking to buy then you should look at getting a rate secured in case they increase again. Also, for renewals it is a great idea to contact us for a rate hold in case of any fluctuations in rates between now and your renewal date. Often lenders will only give you a rate quote close to your renewal while we will guarantee it for you up to 4 months in advance. Below is a summary of some of our best rates available.
| Terms | Our Best Rates |
|---|---|
| Variable Rate Closed (Prime – .55%)** | 2.45% |
| Variable Rate Open(loc) *(Prime + .50%) | 3.50% |
| 5 year closed** | 3.39% |
| 5 year closed | 3.59% |
| 4 year closed | 3.19% |
| 3 year closed** | 2.59% |
| 2 year closed | 2.74% |
| 10 year closed | 4.19% |
Important Reminder Regarding Your Mortgage Renewal
If you require any further information regarding this article or any other mortgage matters please contact our office at 604‐556‐3893. Also, as a reminder to anyone looking for a mortgage, we offer 4 month pre-approvals at no cost to you. This means that you can get a rate hold for up to 4 months to protect yourself in case rates rise.