Canadian Mortgage Rates for September 12th, 2008
6 Mth 1 Yr 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs
Bank of Montreal 6.21 6.65 6.70 6.70 6.85 7.30 7.65
Centum Mortgage 4.25 4.70 5.25 5.35 5.34 5.80 5.90
CIBC 6.74 6.65 6.70 6.70 6.85 7.30 7.65
National Bank 6.30 6.30 6.30 6.35 6.85 7.25 7.45
Royal Bank 6.35 6.35 6.35 6.35 6.85 7.30 7.95
Scotia Bank 6.35 6.35 6.55 6.69 6.85 7.30 7.95
TD Canada Trust 6.20 6.65 6.70 6.70 6.85 7.30 7.65
On October 15th, 2008, is when 100% mortgage financing and 40 year amortizations is over! For the most part anyway, they'll still be available on non-government backed mortgages. As a reminder, when the insurers cap their loan-to-value ratios at 95% in October, high-ratio borrowers will still be able to tack on insurance premiums to their mortgages.
I believe that the mortgage rate trends will continue going up for the next few months, due to the U.S. Mortgage Crisis, until they are stabilized.
1) What are your thoughts on these rates?
2) Where do you see these trends going?
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