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Mortgage Rates: July 8th, 2013 | Scott Dawson
(778) 668-9320 [email protected]

With all the rate increases that happened last week, there still is some really great rates to meet your needs.

What are today’s mortgage rates?

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Best Variable is Prime -.60%

Historically variables have been the way to go for the past 15 years or so. 2.4% is a pretty low rate if you can handle the possibility of a Bank of Canada rate increase. I think we’re a long way off from that though. Don’t forget you can always convert to a fixed term at any time at no charge. One thing I’m recommending to clients that take a Variable Rate Mortgage is to set their payment at what a current 5 year fixed is, eg. 3.29%, so you are used to that kind of payment and so you’ll pay off more towards your principal. You do have to qualify at the benchmark qualifying rate though, so it’s better suited for those with a low GDS & TDS.

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Best 5 Year Fixed Rate is 3.29%

When you think about really it’s not a bad rate. Just looks higher than that wonderful 2.89% we were able to offer a few weeks ago. Maybe they’ll be back? I think we may see a slight drop by my advice is if you are planning to purchase, refinance or switch your mortgage within the next 120 days you should definitely get a rate hold.

Best 10 Year Fixed Rate

There’s a bit less of a spread between the 5 year at 3.29% and the 10 year at 3.89 so it still makes some sense to go longer term. The 10 Year Fixed Rate is perfect for those that don’t have a large mortgage and want to really accelerate their payments. What a piece of mind it would be to not worry about mortgage rates for 10 years! With the right plan I can show you how to be paid off fully by the end of the 10 years.

If 10 years sounds like a long time don’t forget that they’re assumable and portable and best of all after 5 years you’ll only pay a 3 months interest penalty to break it. Not the IRD.

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What other products are available?

With the changes to mortgage refinance rules I’m seeing a big increase in Purchase Plus Improvement mortgages lately. If you’re purchasing a new home and think you’ll want to do some reno’s this is the product for you. Get in touch for more information.

Any questions about mortgage rates?

Contact me anytime for a no cost consultation. Ready to apply? Getting pre-approved is easy and once your application is completed I’ll be able to lock in your rate for up to 120 days.

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