Mortgage Rates Continue To Slide, But How Much Longer? Rates: 1yr 2.89% 2yr 2.99% 3yr 2.69% 4yr 2.89% 5yr 3.19% 6yr 4.59% 7yr 4.49% 3yr variable closed (Prime – .70%) = 2.30% 5yr variable closed (Prime – .60%) = 2.40%
The Bank of Canada announced a quarter-point hike in its key interest rate this week, and warns that more increases are still to come. By early 2008, the Bank projects interest rates will increase another three-quarter points, bringing the overnight rate to 5.25. The current rate is now 4.5. This is bad news for mortgage-holders, [...]
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