There is no ceiling on mortgage rates. Lenders charge customers slightly more than it costs them to borrow money themselves – if the lending rates are very high, then customers will facing high mortgage rates as well. For example, in the 1980s during Canada’s recession, mortgage rates went as high as 22%.
Enjoy your weekly Rates & News updates! Mortgage Rates: 1yr 2.89% 2yr 2.99% 3yr 2.69% 4yr 2.89% 5yr 3.19% 6yr 4.29% 7yr 4.49% 3yr variable closed (Prime – .65%) = 2.35% 5yr variable closed (Prime – .60%) = 2.40% Canada mortgage rates keep sliding How Much Lower Can The Yields Go Interesting insights from CREA: [...]
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%
There are many factors that affect the price of housing. Supply, demand, jobs, geography, demographics, advertising, peer pressure, Government regulations (CMHC) and interest rates all affect house prices in their own way. Clearly interest rates have a definite impact on the price of homes. You could speculate that interest rates are the most important factor [...]
This real estate video discusses 6 steps to help buyers improve their credit score in order to make sure that they are able to obtain financing for their mortgage at a low rate. Often buyers with poor credit scores will be required to pay a higher interest rate on a mortgage. Here are 6 tips [...]
Rates: 1yr 2.44% (0.00%) 2yr 3.09%% (+ 0.05%) 3yr 2.90% (- 0.54%) 4yr 3.79% (0.00%) 5yr 3.69% (- 0.10%) 3yr variable closed (Prime – .75%) = 2.00% 5yr variable closed (Prime – .65%) = 2.10% Although we still experience a decline in mortgage rates be prepared for the prime rate to go higher before the [...]
Two of Canada’s biggest lenders have cut their posted fixed mortgage interest rates, and economists predict rates may drop even further. The Royal Bank of Canada led the charge, announcing yesterday that its five-year lending rate would be cut to 5.59%, down a tenth of a percentage point. The Bank of Montreal quickly followed suit, [...]
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