The month of July saw more increases in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate increased for the first time since September 2010 – this will eventually increase interest rates on variable mortgages and home equity lines of credit. Here is what you need to know for your best July mortgage today:
Bank Of Canada Rates
Qualifying Rate: 4.64% Prime Rate: 2.95%
As of this writing we have a qualifying rate of 4.64%. This affects all mortgage qualification so keep this in mind and see how this affects your mortgage planning. On the variable and line of credit mortgage products – the Bank of Canada’s prime rate is sitting at 2.95%.
Fixed Mortgage Rates – Rates Increasing For Toronto!
When we look at fixed mortgage rates – we have to understand that the bond market dictates the interest rates you and I pay. We are seeing increases to borrow across the board with Schedule A banks to the mortgage only companies. Time sensitive rate reductions have been made to some of the best mortgage products available today. Here is the best of what is available today:
Remember you will be required to utilize the 4.64% qualifying rate to see if you can afford the mortgage. This makes the 5 year fixed mortgage term that much more popular. As of this writing – there is available a five year fixed rate mortgage with an interest rate of 2.49%! The exciting part of this mortgage product is not only the interest rate but in addition it comes with full 20% prepayment privileges and a 90 day rate hold. This mortgage is only available by referral and is a time limited offer time so please reach out to me to ensure you will qualify based on your credit and income.
Variable Rate Mortgages – Increases Coming Soon!
Now we come to what is available in variable rate mortgages. I have a limited time offer for you to take advantage of.
I have a lender who is offering a 5 year variable rate mortgage today with a discount of 0.75% off of the prime rate. Again as of this writing – you can access a five year variable rate mortgage with an interest rate of 2.20%! This is a featured mortgage with 20% prepayment privileges and a 90 day rate hold. Keep in mind that with variable mortgages – you will need to qualify at the Bank of Canada’s rate of 4.64% to access this low rate mortgage product. This mortgage is only available by referral so please reach out to me to ensure you will qualify based on your credit and income.
Reach out and contact me today to get access to the best mortgage and we will make the process an easy and stress free one. I can also assist with Debt Consolidation, Private Mortgages, and Self Employed Mortgages. Your questions are always appreciated and answered promptly below. Now is the time to contact me for all your Ontario Mortgage Brokerage needs today!