Mortgage Update: Up or Down?

"This is the big question for anyone contemplating the real estate market right now. Are mortgage rates on their way up or on their way down? It is important not only for buyers, but for home owners looking to refinance, as well as builders."

"A panel of Canadian experts meet on monthly basis to try and predict the direction of the interest rates for the month ahead. The results of this month's panel meeting provided no clarity at all—43% of the members expect fixed mortgage rates to decrease slightly, while 43% believe that fixed rates will remain the same."

"The consensus is that variable mortgage rates will remain unchanged.
And actually, if thisprediction materializes, it's pretty good for home buyers. Fixed rates are less than 4.0%, and variable rates are below Prime."

"Here is what we are offering to our best clients:"

5-year Fixed rate: 3.57% (some restrictions apply)
Variable rate: 5-year—Prime minus 0.3% (1.95%)
Variable rate: 1-year—Prime minus 0.15% (2.10%)

Vasko DeLev, AMP
Verico Capital Mortgages Inc.
106-18 Deakin St, Ottawa ON K2E 8B7
Direct Line: 613-882-7603
Fax: 613-228-2555
Email: vasko@CapitalMortgages.com