The great white north is engulfed in an arctic high - vehicles creak and moan with the cold - and the bond market bounces around like a ping pong ball. The 5 year govt of canada bonds are currently yielding approx 4.115% - which is up from 4.04% on january 23rd...this has triggered an increase in 5 year mortgage rates to approx 5.30% from 5.09%.. how long will it last ?....that is the million dollar question..
but dont forget - we can lock in rates for 120 days into the future - so it is possible to protect the 5.09% until approx June 1st. For those purchasing or who have mortgages coming up for renewal between now and June 1st - this is the time for protective action.
Also new on the market - 75% lines of credit for rental properties at prime plus .25% (this is a great way to have flexible access to funds on a rental property...however the rate is currently 6.25% floating......)
100% financing at discounted rates
amortizations up to 40 years
stated income mortgages
refinances up to 95% and even second mortgages up to 100% -
where will it all end ?
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