Mortgage Monday Rate Update – October 2011

October 10, 2011

Mortgage Monday

Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates changes even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible. 😉

  • The Bank of Canada interest rate is holding steady at 1.00%. The next meeting date is October 25th, but I think everyone expects it to stay at 1% for the time being.
  • The Bank of Canada prime lending rate is also holding steady at 3.00%, and is expected to stay there for quite a while.
  • The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is 5.19% (down 0.2% from 5.39% in August).
  • The current best variable rate (changes daily) is in the prime-0.5% (2.5%) ballpark, though the discounts are crawling closer and closer to prime and we even saw a prime+0.05% last week – always contact a mortgage broker for current best rates for your situation.
  • The current best 5-year fixed mortgage rate (changes daily) is in the 3.25% – 3.40% range – again, always contact your mortgage broker for current best rates for your situation.

As noted above, some of these numbers change monthly, where as some change daily. While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.

Oh, and Happy Thanksgiving!!

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About Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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