Canadian Interest Rates Headed Up
One of the great mortgage brokers I work with (Tanya Toye at RBC: 604-788-8693) sent me an email today to let me know that Canadian interest rates are headed up. If you are looking to buy in the near future be sure to lock in the present rates for another 90 days (or whatever your mortgage representative will hold for you). The present rates Tanya has are:
6 month convertible - 5.44%
4 yr - 5.38%
5 yr - 5.19%
Open Variable - Prime - .50%
Closed Variable - Prime - .85%
The new rates will be:
6 month convertible - 5.44%
4 yr - 5.65%
5 yr - 5.44%
Maybe this will cool the red-hot Spring market, or maybe not. We'll see.