Your Personalized Real Estate Professional
I just read an article online about the rising mortgage rates. Here's a brief summary of the key points.
Effective Tuesday (March 30, 2010) two of Canada's biggest banks are increasing their residential mortgage rate. It affects the closed 3, 4 and 5 year mortgages, with the biggest hike in the 5 year mortgage increasing it by 6/10 of a percent making it 5.85% from 5.25%. With this increase, the average buyer purchasing a home worth $250,000 can expect to pay an additional $88 over a 25 year amortization.