Posted by: Daryl & Wendy Ashby | October 3, 2009

Current Interest Rates

Current rates are a second all time historic low ( the lowest being in April/May 2009) for fixed rate and term mortgages. Quotes by ‘knowledgeable’ sources suggest rates are still coming down, but no one has a crystal ball, so I’m not sure how these claims can be relied upon.

What is more important is to make yourself aware of the choices, options and programs available from the multitude of lenders and financial institutions and with some advice make an informed choice.

Rates are really terrific right now

 1 year closed fixed rate             2.75 % 

Variable Rate Mortgage              2. 45% closed five year variable.                                                                                            

3  year closed fixed rate       3. 55 %

4 year closed fixed rate        3. 89% 

5 year closed fixed rate        4. 09%   

Variable Rate Mortgage         2. 6% (Open at Bank Prime +  0. 60 %  five year term) 5

The above interest rates are essentially the only ones currently worth considering in this rate environment and the best of the bunch  is definately the fixed four year term mortgage.  

As expected, these rates are subject to change without notice .   


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