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Mortgage Rates on the move

By
Mortgage and Lending with Mortgage Intelligence Mortgage Consulting

Greetings

Hope you are having a fantastic summer.  Mixed news in the mortgage rate market.  With the Bank of Canada increasing prime by .25 of a percent, we saw prime to rise to 2.75% for most lenders.  That meant even discounted variable rates rose above 2%.  Best 3 yr variables start at 2.05% oac, o&oe rates subject to change.  Still great rates, but it was sure nice when prime was 2.25% wasn't it!

Fixed rates continue to drop as competition for mortgages increases.  We see fixed rates start at 3.99% for a 5 yr fixed and low option 5 yr fixed (aka no frills) start in the 3.89% range, again oac, o&oe, rates subject to change.  So great 5 year rates to be had.

Thats all for now, enjoy the summer!

Steve