This is going to be the last Mortgage Monday blog post for 2011 (we’re all going to take next week off). I figure the best way to end the posts for the year is a look back at rates.
Whether you like it or not, stats and numbers are a part of the world of mortgages. When rates changes even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here on the Mortgage Monday posts, I’ll update you on what’s going on in the world of mortgage rates. If this kind of stuff doesn’t really interest you, I won’t be offended if you just skim through it – I’ll try to make it as painless as possible.
- The Bank of Canada interest rate is holding steady at 1.00%. It was at 1.00% at the beginning of 2011, and it’ll be at 1.00% through the end of the year. The next meeting date is January 17th, 2012.
- The Bank of Canada prime lending rate is also holding steady at 3.00%. It has also been holding steady since Fall 2010 – I wouldn’t be surprised if we see ‘prime’ at 3% for quite a while still (though the next meeting date is January 18th, 2012).
- The qualifying rate (the rate you would need to qualify at for a variable mortgage) for a 5-year mortgage is still 5.29%. It has been as low as 5.19% and as high as 5.69% in 2011.
- The current best variable rate (changes daily) is in the prime-0.2% (2.8%) ballpark, though many lenders currently are offering ‘prime’ as their variable rate. It seems, at least for the time being, prime with no discount is the new standard (so if you locked in at prime-.5% or better in 2011, consider yourself lucky!).
- The current best 5-year fixed mortgage rate (changes daily) is in the 3.19% – 3.39% range – again, always contact your mortgage broker for current best rates for your situation.
As noted above, some of these numbers change monthly, where as some change daily. While I’m happy to provide an update on what’s going on as rates, if you’re interested on getting personalized mortgage advice, speak to your favorite mortgage broker who can help you decide the best rates and options for you.
