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.
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.