| Term | Bank Rate | Our Rate |
| 1 Year | 7.84 % | 6.74 % |
| 2 Year | 7.34 % | 6.09 % |
| 3 Year | 7.14 % | 4.79 % |
| 4 Year | 6.99 % | 4.99 % |
| 5 Year | 7.04 % | 4.74 % |
| 7 Year | 7.10 % | 5.49 % |
| 10 Year | 7.25 % | 5.74 % |
Going against the trend for higher interest rates, a local credit union that serves the Greater Vancouver Area announced a lower 5 year fixed rate. It is offering 3.85% for that term effective immediately and is a special that can be withdrawn at any time. No pre-approvals on this rate. This promotional rate is lower
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
