Bank Rate goes up, 5 years come down!!

What a roller coaster ride we've had this year......

3 months ago we were looking at bond yields over 3% which drove 5 year rates to 4.59% (thanks RBC!!) and the threat of Bank of Canada increases and higher rates to come.

Skip ahead, and we've had 2 BoC rate increases, bank prime now sitting at 2.75%, but corporate bond yields have crashed to the 2.15% allowing mortgage lenders to drop 5 year fixed rates. As of today my best is 3.69%!! with the majority hovering in the 3.89%- 4.09%.

On the real estate side, we're now told by the media that we have a buyer's market in Vancouver. Cheap money and a buyers' market? Who would have guessed?

Here are the current rates as of today: OAC and subject to change of course!!

5 year fixed Quick Close 3.69% must fund within 30 days of application
5 year fixed Standard 4.09%

3 year fixed 2.90%

5 year VRM prime - 0.65% 2.10%

3 year VRM prime - 0.75% 2.00%

peter_mckinnon@centum.ca
www.peterlmckinnon.com

cell 604-506-6789