Interest Rates Update

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Interest Rates Update

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 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.