Bank of Canada
The Bank of Canada left the overnight rate unchanged we is what we
expected. The Governor cited that the country is working within the expected
CPI. This is very good news to the variable rate clients as it gives more
reason to stay put in their variable rate mortgages, as the spread
between variable @ 4.05% today and fixed rates @ 5.45% on average increases.
Many lenders have adopted the new amortization restrictions early making it
more important to ensure that your clients have a pre approval in place as
the pre approvals are guaranteeing the old lending policies remain true for
those clients to October 15, 2008.
We do have a few rate specials for larger mortgage amounts $500,000 + @
5.19% for a 5 yr term.
Enjoy your day!