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Tuesday, March 2, 2021

Interest Rates Starting to Rise.

Late last week fixed interest rates started to rise as they are tied to the bond market. The rate went up on average .25% due to long-term bond yields rising. Variable-rate mortgages are tied to the Bank of Canada's overnight lending rate which has not changed.
In very basic math, the translates into an extra $15 per month per 100k of mortgage, so not unmanageable. This rate hike should not really affect anyone's ability to qualify as it is based on the unchanged stress test rate of... more

Posted at 02:10 PM

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Wednesday, January 20, 2016

Bank of Canada Holds Interest Rate Today the Bank of Canada kept the overnight lending rate at 0.5% after cutting it twice last year. This rate is what the banks charge each other for short-term loans and generally affects retail mortgage rates. Many economists had predicted a rate drop of 0.25% although that would have further weakened the Canadian dollar.

The Bank of Canada's official news release is below.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate... more

Posted at 02:00 PM

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Thursday, November 26, 2015

With interest rates slowly creeping up, now may be a good time to lock into a lower renewal rate. Currently we have rates as low as: 2.54% Five year fixed - 60 day rate hold! 2.20% Three year fixed - 60 day rate hold! Re-finance or Purchase!!!

Posted at 11:04 AM