One of our favourite Mortgage Specialist, Heather Jiwan, AMP with Dominion Lending Center, shared some interesting information with us today regarding the rise in interest rates and how they may affect your mortgage rates. If you are concerned about how rising rates might affect your savings this is a great read for you.
You may have heard that the Bond Yields have been rising steadily in the past month. Bond yields affect Fixed Mortgage Rates. As the Bond yields rise, typically fixed mortgage rates are soon to follow.
What does this mean for you and your mortgage? Well, it means that if you've been thinking about refinancing at a lower rate you should speak with your Mortgage Broker right away. Your Broker will be able to lock in a rate for you. Saving $30 a month on your mortgage payment may not seem like a lot, but it could mean the difference between you taking a vacation in an exotic location or even getting that great TV you've been dreaming about.
The average mortgage rate in 2009 on a 5-year mortgage term was 5.05%! Today's rates are a world apart. With the average 5-year fixed rate at 2.99%, you could save Thousands in interest by refinancing or renewing at a lower rate.
Call us Today for your Free, No Obligation consultation and we will:
1. Assess your current financial situation
2. Review your short term and long term goals
3. Make recommendations on how you can achieve those financial goals
4. Potentially SAVE you thousands of dollars in interest
5. Potentially lower your monthly mortgage payments
6. Increase your household cash flow, making your budget easier to handle
7. Provide you with spare cash*
With fixed mortgage rates on the rise, these historically low rates won't last forever, Contact us today and we will contact you with Heather to find out how you can save!
CURRENT INTEREST RATES
Terms Bank Rates Our Rates
6 Month 4.00% 3.95%
1 Year 3.00% 2.69%
2 Years 3.04% 2.69%
3 Years 3.55% 2.75%
4 Years 4.54% 2.89%
5 Years 5.14% 2.94%
7 Years 6.35% 3.59%
10 Years 6.75% 3.69%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%
Variable rate mortgages from as low as Prime - .40%
Please note that rates shown above are subject to change without notice. The rates shown are posted rates and the actual rate you receive may be different, depending upon your personal financial situation. "Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E." Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.