Here’s an updated chart that shows Fixed and Variable mortgage rates over the past 25 years…. click here.
Fixed rates drop again
Seems like it was just yesterday when we heard reports of mortgage rates going way up…. Posted Fixed rates fell again with RBC dropping their 5 year fixed rate to 5.59%. Discounted 5 year fixed rates are now available at 3.89%…and Variable rates are hovering at around 2.10%.
Canada loses 139,000 jobs in July
Quoting a report from CBC.ca, Statistics Canada shows some cities improved their unemployment figures…but overall, we have few full-time jobs and more part-time jobs… The recovery from the recession still seems to be headed in the right direction but this is definitely a speed bump that will slow us down..
The good news is for borrowers of money… interest rates shouldn’t go up in any hurry… in fact, we have seen fixed rates drop over the past 40 days…. watch for flat or modest rate movement over the next several months.
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.