| Term | Bank Rate | Our Rate |
| 1 Year | 7.84 % | 6.74 % |
| 2 Year | 7.34 % | 5.64 % |
| 3 Year | 7.14 % | 4.79 % |
| 4 Year | 6.99 % | 4.99 % |
| 5 Year | 7.04 % | 4.74 % |
| 7 Year | 7.10 % | 5.59 % |
| 10 Year | 7.25 % | 5.84 % |
The Bank of Canada today kept the key lending rate at 0.25% as forecasted. However, more importantly it continues to maintain its conditional commitment that they will not raise rates until the second quarter of 2010. This is welcome news to everyone in variable rate mortgages or have outstanding amounts in their lines of credit.
Even though Mortgage Brokers now originate about 30% of all mortgages in Canada many people still don’t understand what we actually do. Amazingly, many clients when they first talk to me think Mortgage Brokers only deal with people with bad credit and that we charge huges fees. Yes, we do assist people to get back
This past week provided a dramatic shift in the outlook for future mortgage rates. For the past few months things were very “boring” as rates remained stable and economic data showed miniscule bits of positive news. However, during the last few days we saw Australia raise their key lending rate by 0.25%, Canada’s latest employment
