Interest rates have remained relatively stable over the last month. Fixed rates are still near all-time lows with 5 year rates in the range of 2.85% – 2.99%. Another term to note is the 3 year fixed where we have rates as low as 2.49%. We don’t expect any major movement in fixed rates for the remainder of the summer.
In terms of variable rate mortgages, the rates on these range from Prime minus .5% to Prime minus .65% (2.35% – 2.5%). The Bank of Canada has once again indicated it will not touch the prime lending rate and we expect this outlook to remain the same for the next 6 – 12 months.
If you’re looking for advice on what to do with your own particular situation please give us a call or email and we will be happy to give you advice based on your own needs. You can also visit our website at www.ymscanada.ca for more information.