October 2009 Mortgage Rates

 

By Brian Madigan LL.B.

Interest rates are at an all time low. Have a look at the posted rates and the preferred rates. The Bank of Canada prime is 0.25%.

Now, might be the time to lock-in, or at the very least secure a pre-approved mortgage commitment.


TERM.....POSTED.....PREFERRED

6 Mos........ 4.60%..... 3.85%
1 YEAR....... 3.75%..... 2.55%
2 YEARS..... 4.05%..... 3.05%
3 YEARS..... 4.60%..... 3.59%
4 YEARS..... 5.29%..... 4.09%
5 YEARS..... 5.78%..... 4.19%
7 YEARS..... 6.60%..... 5.30%
10YEARS..... 6.70%..... 5.40%




Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com