If You Have A Mortgage You Need to Read This
September 8, 2010 is quickly approaching and represents the next scheduled increase in the Bank of Canada Prime Rate. Currently at 2.75% can we expect an increase to 3.00%? Could it be more?
If you have a variable rate mortgage should you be concerned?
The past several weeks have seen a gradual decrease in fixed mortgage rates. We are funding 5 year fixed terms at 3.59%. Will an increase in the prime rate (or a threat of an increase) trigger fixed rates to increase? It did several months ago and history has a way of repeating itself.
If you have a current mortgage with an interest rate over 4% you should contact us immediately at firstname.lastname@example.org and ask for a no cost review of your situation. If you wait it might be too late, as we don’t expect these mortgage rates to last.
We welcome your comments.