Financing
Mortgage Rates
As the roller-coaster ride continues with fixed rates, bond yields dropping from about 2.7% 4 weeks ago down to 2.44% as of Feb 3rd has prompted some lenders to reduce their fixed rate products, says Kyle Green of Mortgage Alliance (1-888-531-8890 or cell 604-551-8976). As a side note, a recent study found that currently 68% of Canadian homeowners have fixed rate mortgages. Of the 32% who are on a variable rate mortgage, 88% of those people have saved money by sticking with a variable rate over the past 10 years. Of course, this has been during a period in which we have seen 9/11, the tech stock bubble and the sub-prime meltdown in the US keep Prime lending rates very low. During what could be an inflationary period over the next 5 years, this should be more of a crap-shoot moving forward.
| February 3, 2010 |
1 yr |
2 yr |
3 yr |
4 yr |
5 yr |
7 yr |
10 yr |
15 yr
| 18 yr
| 25 yr
|
| Meridian Rates |
2.56% |
3.10% |
3.32% |
3.79% |
3.68% |
5.10% |
5.20% |
9.15% |
9.15% |
9.25% |
| Posted Rates |
4.50% |
5.00% |
5.15% |
4.84% |
5.25% |
6.60% |
6.70% |
n/a |
n/a |
n/a |
>> Courtesy of Jurock's Facts by Fax