Rates remain stable with the current five year term rate pegged at 5.25% This rate is available as a pre-approval and can be held for 120 days before completing a mortgage transaction.
Last week the Bank of Canada left the Prime lending rate unchanged which effectively leaves all variable rate mortgages, variable rate loans and creditlines unchanged. The next scheduled Bank of Canada meeting is in December 2006.
New products available this week is the 40 year amortization. This product is now available with key lenders and the rate accorded same is at the best discounted rate available. It is also available for both conventional (75% of the property value or less) and high ration (75% - 100% of the property value) financing.
The 40 year amortization mortgage will likely be available from all lenders in the near future and will assist more first time home buyers in allowing them to purchase property.
Please feel free to forward this to interested parties.
