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Mortgage Market Update – Oct 9, 2012

General AJ Green 9 Oct

Mortgage Market Update – Oct 9, 2012

In the past week, there was virtually no change in the bond or mortgage rates. Costs of all funds remain extremely low.

All lenders and mortgage insurers are continuing to tighten up on lending policies. This makes it even more important that you are dealing with full time, seasoned professionals for your mortgage advice.

I have seen a slight tweaking of fixed funds for high ratio or quick closings, offering a 5 year fixed at 2.99%.

Regular 5 year money is currently in the 3.04% – 3.09% range.
I still have one lender, both conventional and high ratio, offering 10 year funds at 3.89%.

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.

Contact me for a free, no obligation review. Spending a few minutes could save you thousands of dollars.

Bank prime is 3.00%

The next meeting of the Bank of Canada is on October 23rd, 2012.

P.S. If you, your family, or co-workers require guidance on current market trends, please call me, I am always available to help!