The Globe and Mail ran a great article about the recent mortgage rate hikes by the Big Banks…..Seems like more of us are questioning the latest round of fixed rate increases….
The article gave some great stats that I wanted to share… First, we should point out that Fixed rates are affected by the Bond Market for the most part but Banks also raise money through GICs… Variable rates are affected by the Bank of Canada Key Lending Rate…. with that in mind…. here are the stats from the article….
10 YEAR AVERAGE…
- 5 yr Bond 4.05%
- Big Bank 5 yr posted fixed rate 6.75%
- Big Bank 5 yr GIC 3.31%
THIS WEEK’S NUMBERS…
- 5 yr Bond 3.02%
- Big Bank 5 yr posted fixed rate 6.25%
- Big Bank 5 yr GIC 2% to 2.1%
Has to make you wonder…?
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.