Bond rates have continued to inch downwards. The results of this are being reflected in continued low mortgage rates.
5 year funds are running in the 2.95-3.09% range. Variable rate mortgages are in the 2.35-2.6% range.
The Bank of Canada meets next Wednesday and no changes to Bank Prime(3%)are expected at this time.
If your mortgage is renewing in the next 6 months or you are thinking of refinancing, I strongly recommend you start the process now.
If you have a variable rate of any more than prime +.25 or a fixed rate of 4.25% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today’s record low rates.
Contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
Bank prime is 3.00%
Next Bank of Canada update is June 4th
P.S. If you, your family, or co-workers require guidance on current market trends, please call me, I am always available to help.