Interest Rates Update

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Interest Rates Update

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 your mortgage is up for renewal and you are being contacted by your lender to early renew before the maturity date please call or email us before signing the renewal. We are able to give you a quick recap of rates in the market to make sure you aren’t signing for a rate/term that isn’t beneficial for you. Often times your lender will tell you that you only have a very limited time to sign the renewal to pressure you into taking the rate they want. Get in touch with us for a quick 2nd opinion!

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.

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About the Author:

Alex Kotai
Alex Kotai has worked in the mortgage lending business for over 10 years. His career started at HSBC Bank Canada where he spent most of his time in senior management roles which involved training and managing the sales staff at his branch. After leaving HSBC, Alex decided to open his own mortgage brokerage firm, Your Mortgage Source. Through his company, Alex has access to many lenders across the country with a very expansive list of products.