Rates are still great! The Prime Rate has not changed, still at 2.25% and is not forecasted to change until at least June 2010.
As an example through HLC Mortgages (Home Loans Canada - subsidiary of CIBC Mortgages Inc), A variable rate closed mortgage is now at Prime, so 2.25%.
HLC current fixed rates are:
3 year fixed 3.54%
5 year fixed 4.29%
7 year fixed 4.60%
This means that based on a 35 year amortization, 5 year fixed, payments (P+I) would be approx.
100,000 mortgage, payment (P&I) = $460
200,000 mortgage, payment (P&I) = $920
300,000 mortgage, payment (P&I) = $1,380
Time to go shopping for a new home!
Current Mortgage Rates
Blog by Greg Hamilton, REALTOR® | October 25th, 2009