Mortgage Architects™

Catherine Wong Bourbeau AMP

Agent # M08003033 - Mortgage Planner
416-999-6996


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September 2010...A fresh opportunity to get your house in order!

In 2009, economists forecasted that interest rates would begin to rise in 2010. And right on schedule, in March, 5-year fixed rates started to climb, quickly rising from 3.75% to 4.75%. However, the trend quickly turned. Concern about a North American economic slowdown started to get stronger, and mortgage rates fell back to historically low levels.

 

Discounted 5-Year Fixed Mortgage Rates

        January - September 2010

 

Date

5-year rate

06/01

3.99%

20/01

3.99%

03/02

3.89%

17/02

3.89%

03/03

3.89%

17/03

3.75%

31/03

4.35%

14/04

4.35%

28/04

4.75%

12/05

4.60%

26/05

4.49%

09/06

4.49%

23/06

4.49%

07/07

4.29%

21/07

4.29%

04/08

4.29%

18/08

3.99%

01/09

3.89%

15/09

3.89%

22/09

3.89%


This chart reflects the Bank of Canada’s data series number V121764, which is reported weekly and is the mode of the posted 5-year fixed rates from each of the Big 6 banks, less 1.5%, which is typical of the highly discounted rates available at Mortgage Architects. 

 

While it’s impossible to predict when it will happen, it seems likely that we will eventually see rates rise to a more normal level of 5% to 6%. But right now, we’re well below that mark, which makes this a fresh opportunity to take advantage of a five-year fixed mortgage under 4% or in the low 4%’s, particularly if you need to refinance to take care of a burgeoning debt load.

 

If we haven’t done so in the last year, allow us to look at the specifics of your situation. The right mortgage plan can help you protect your equity and build your wealth. Get your plan in place now for the next five years.



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