For the first time since September 2010 the Bank of Canada cut rates a qurter of a point to 0.75%. Canadian banks are expected to follow , with a reduction in mortgage rates and loans.

Rates are expected to stay low for this year, before rising in 2016. All depends on the price of oil.

This presents a great opportunity for Vancouver real estate buyers to purchase a condo and lock in their mortgage.

For more info on mortgages contact Jeff Fraser

Have a mortgage question? Give me a call at 604-328-0077

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January 18, 2014

Here are the current mortgage rates

6 months - 3.10%

1 year - 2.69%

2 year - 2.59%

3 year - 2.69%

4 year - 2.79%

5 year - 2.89%

7 year - 3.79%

10 year - 4.39%

Current prime rate is 3%

Current variable rate is 2.35%

Have a mortgage question, a renewal or wish to get pre-approved? Call an experienced Mortgage Broker, Jeff Fraser

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Yes! Mortgage rates have climbed slightly from their all time low. Historically low funding costs for canadian banks translated to deep discounting of mortgage rates for Vancouver home buyers. Some banks are still lending fixed rate mortgages at well below the prime rate. Apparantly the rise in Canadian interest rates may have more to do with what's going on in the USA than in our domestic economy.

Or perhaps markets are pricing in a more positive global market outlook. 

Economists are predicting a modest increase in the 5 year fixed rate, with perhaps a 1/2 point rise by end of 2014.

Buying or Selling Vancouver real estate? Put my hyper-local experience to work for you! Call Maggie today! 604-328-0077

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