Mortgage Interest Rates low. Good for Whistler buyers.
OTTAWA – Jan 20, 2009
The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of a percentage point to 1 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 1 1/4 per cent.
Stabilization of the global financial system is a precondition for economic recovery. To that end, governments and central banks are taking bold and concerted policy actions. There are signs that these extraordinary measures are starting to gain traction, although it will take some time for financial conditions to normalize. In addition, considerable monetary and fiscal policy stimulus is being provided worldwide.
As the Bank of Canada met today, they have lowered the overnight rate target by 1/2 percentage point to 1 per cent. The Bank Rate is now 1 1/4 per cent. It is likely that most of the chartered banks will follow suit to cut their prime lending rate to 3.0% from 3.5%, effective Wednesday this week.
This will effect mortgage rates to decrease, good news for real estate buyers.
Current best mortgage interest rates offered by Garibaldi Mortgage:
Rates as of Monday, February 2, 2009 Term Ours Banks 6 months 5.20 5.20 1 year 3.50 5.00 2 year 4.50- 5.75 3 year 4.50- 5.50 4 year 4.34* 5.69 5 year 4.39* 5.79 7 year 5.70 7.00 10 year 6.00- 7.35 15 year 9.15*- 9.65 25 year 9.25*- 9.75
Rates are subject to chanage at any time.