Barrie Homes: Mortgage Rate Update & Why it's a Good Time to Buy

Thanks to our friends at Dominion Lending Centre www.MortgagetAndLifestyle.com we have an update for you on mortgage rates:

Rates remained the same on both fixed and variable mortgages this past week. Bond rates continue to be extremely low and stable. We are seeing 5 year mortgages in the 3.09-3.39% range and variable rate mortgages as low as prime -.2%. The 10 year fixed special still seems to be the best deal out there at 3.89%.

Today's rates are historical lows, making now a great time to buy or refinance.

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.25% or more, It might be beneficial to explore refinancing to a lower rate. Bank prime is at 3.00% and the next meeting of the Bank of Canada is on March 8, 2012.

Why is it a Good Time to Buy?

• Mortgage Rates are at historical lows - 5 year fixed rate mortgages at approximately 3%
• Canada has a lot going for it - A stable banking and political environment with a steady real estate market
• Immigration - Because of the economic climate in Canada many people (often wealthy) look to immigrate here. They all need homes when they get here and this will help to ensure that the real estate market in most urban centres will remain strong

Before making a decision to buy you should always sit down and figure out what you can afford on a monthly basis. Make sure that it's a good time for YOU to buy.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about the Barrie real estate market or this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Peggy Hill