Mortgage rates ease - June 2017
Mortgage rates have moved slightly lower since my last update. Bank of Canada kept their official interest rate on hold at their last meeting on May 24 citing caution about making any changes to the rate. Economic conditions remain stable but there is elevated concerns about the housing markets especially those of Toronto and Vancouver. Any major deterioration in these markets could be a potential drain of the Nation’s economy.
At the risk of sounding like a broken record; mortgage clients should be cautious when making decisions about rates. Variable rate mortgages remain the most attractive; however an unforeseen increase to interest rates could increase borrowers’ monthly payments significantly.
Mortgage lending qualifications are currently very challenging but financing alternatives are available:
- Income reasonability lending: First mortgage as low as 3.69%
- Stated Income lending: First mortgages as low as 5.35%.
- Equity based lending: Second mortgages as low as 7.95%
- Construction and commercial financing of up to 75% LTV
Best Mortgage Rates:
- Best 5 year fixed at 2.44%
- Best Variable rate at 2.05%
- Best Line of Credit rate at 3.20%
Need a rate hold of up to 120 days, click here.
Featured property:
Condo located in the River District Community. Fully renovated two bedroom condo for sale for $558,800. Hyperlink: http://tours.bcfloorplans.com/781449