Mortgage Rates on the move

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