February ~ Longer Term Mortgage Rates Declining
By Brian Madigan LL.B.
So, what about interest rates? Are they going up or down?
Actually, the longer term rates are slightly down. The short term anbd medium term remain the same.
Here are some same source numbers. Look at the subtle changes over the last two weeks.
Quoted rates are down for seven and ten year terms.
Preferred rates are down for seven and ten year terms.
However, it is important to remember that the US Federal Reserve increased the discount rate from 0.50% to 0.75% on Thursday 18 February 2010. The Bank of Canada has agreed to hold its bank rate at 0.25% until 1 July 2010.
22 February rates
6 MOS....... 4.60%..... 3.85%
1 YEAR...... 3.65%..... 2.49%
2 YEARS..... 3.95%..... 2.95%
3 YEARS..... 4.30%..... 3.40%
4 YEARS..... 5.04%..... 3.69%
5 YEARS..... 5.39%..... 3.89%
7 YEARS..... 6.30%..... 4.95%
10 YEARS.... 6.50%..... 5.20%
15 February 2010 rates
6 MOS....... 4.60%..... 3.85%
1 YEAR...... 3.65%..... 2.49%
2 YEARS..... 3.95%..... 2.95%
3 YEARS..... 4.30%..... 3.40%
4 YEARS..... 5.04%..... 3.69%
5 YEARS..... 5.39%..... 3.89%
7 YEARS..... 6.60%..... 5.15%
10 YEARS... 6.70%..... 5.35%
Brian Madigan LL.B., Real Estate Broker, is an author and commentator on real estate, finances and the law related to real estate
www.OntarioRealEstateSource.com
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