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Tuesday
21Apr2009

New Rates & Borrowing Costs

DateTuesday, April 21, 2009 at 4:38AM
The Bank of Canada announced a rate cut earlier today which is being reflected in a prime rate of 2.25% for variable mortgages. Here's an update on the current rates plus the monthly cost to borrow $100,000 at each rate (35-year amortization).






















ProductRateMonthly Cost / $100,000
Variable RatePrime + 0.8%$386.57
1 Year Fixed3.00%$383.81
5 Year Fixed3.89%$434.35

These costs are estimated based on a 35-year amortization. If you have mortgage questions or would like to get pre-approved, get in touch with me and I'll be happy to put you in touch with a mortgage expert who is perfect for your situation.
AuthorMichael Bladon | CommentPost a Comment |
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