Despite the spring rush to lock in interest rates when everyone was certain they would climb to 5% or even 10%, we now enter the fall and rates have just dropped lower than they were in the Spring of this year.
The Prime Rate today is 2.75%; and the lenders I work with are now offering an unprecedented 3.45% 5 year fixed mortgage and a 3 year fixed of 2.59%! The Best Available Variable rate is 2.05%.
Depending on your investment strategy, monthly budget, down payment, and price point, the term of your mortgage is very important and a mortgage broker will be able to fit you with the right mortgage that is best for you.
With recessionary problems in the US and abroad, and the Canadian Rock Solid Banking System, it appears our lending system is in excellent shape and Buyers should be very optimistic about our mortgage rates in the years to come.
With increased supply, slower demand, and historic low interest rates, the Fall appears to be a very smart time to enter the Vancouver Real Estate Market.
If you have any questions about Vancouver Real Estate please contact me at 604.562.0532 or email stu@stubell.com.
About Me
- Stu Bell
- Born and raised on The North Shore, I could not imagine a greater place to live and work! Educated at Gonzaga University in Spokane, WA and The University of British Columbia, I hold a Bachelor of Commerce degree in Urban Land Economics. My interests are real estate, golf, travelling, and family. My business is real estate and I rely on hard work, honesty, and creativity to maximize my clients wealth with proven Real Estate marketing and investment strategies. www.StuBell.com
