Rates remain stable with the current five year fixed mortgage rate pegged at 5.25%. This rate is available as a pre-approval and can be held for 120 days before the completion of your mortgage transaction for your piece of mind.
Last week the Bank of Canada left the Prime lending rate unchanged which effectively leaves all variable rate mortgages, loans and creditlines unchanged. The next scheduled bank of Canada meeting is Dec 2006.
A new mortgage product that’s available as of this week is the 40 Year amortization. This mortgage product is now available through most key lenders and the rate accorded is at the best discounted rate available. It is also available for conventional (75% of the property value or less) and high ratio (75% to 100% of the property value) financing.
100% mortgage financing is now available you can now finance the full purchase price. This is a great option for anyone who has had trouble saving for a down payment and would like to stop paying rent and build equity in a home.
U.S. Federal Reserve policy-makers left the interest alone last week, amidst news of slowing economic growth and receding energy prices. It they do that, it would mark the third time in a row in which they kept an important interest rate at 5.25 per cent. That would mean commercial banks' prime interest rate would stay at 8.25 per cent.
Last week's meeting of the Federal Open Market Committee - the group of central bankers that sets interest rate policy in the United States - is the last before the Nov. 7 elections. If the Fed were to boost rates right before the election, incumbents might suffer. On the other hand, if the Fed were to cut rates there could be political fallout if that action were seen as an urgent effort to rescue a sick economy.
Please feel free to forward this to interested parties.
Thanks you for your continued support.
Brent Irving
Mortgage Consultant
Global Mortgage Corp.
Tel: (604) 764 - 6336
Fax: (604) 541 - 6323
Email: brent(at)globalmortgagecorp.net
Web: www.MyMortgageBC.com
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