Oakville First Time Home Buyers Benefit from Lower Interest Rates

Real Estate Agent with Realty Executives Plus Ltd., Brokerage

Oakville First Time Home Buyers Benefit from Lower Interest Rates

The big Canadian banks have provided some additional relief for first time buyers by lowering interest rates. This is great news for first time home buyers since it has become even more affordable thanks to the reduction in interest rates. Here is what the Banks have done:

At the Royal, a one-year closed mortgage falls to 3.7 per cent, down a fifth of a point, while a five-year closed term drops three tenths of a point to 5.49 per cent. At Bank of Montreal, a three-year fixed closed mortgage falls a fifth of a point to 4.35 per cent while a five-year loan also falls to 5.49 per cent, down .36 of a point. The changes reflect lower interest rates in the bond market, where banks raise money to finance their mortgage lending.

To put this in perspective, on a $ 250,000 mortgage, a reduction in the rate of 0.36 % equates to a saving of over $ 60 per month and $ 700 per year. At the end of the day, this leads to more money in your pocket which makes this a great time to buy for Oakville first time home buyers.  

Talk to a mortgage broker to see how you can benefit from these lower interest rates. Visit www.RightRealtor.ca today to see our mortgage broker partners.

Brian Bell - MBA

Realty Executives Plus Ltd., Brokerge



Comments (0)