CURRENT MORTGAGE RATES

5 Year Fixed Rate is 3.64% (3.67% APR)

Fixed Rate Movement Continues  

Rates on Canada's 5 year government bonds continue to change dramatically as investors move in and out of the stock market. The bonds have retreated down to 2.15% however, most of the lenders have not passed on these savings due to the instability of the bond market and the fact  they make more money when the spread is higher.

Bond rates are based on supply and demand, when more investors like the security of a bond they can offer lower rates. When the investors are looking more towards the stock market, which they did this week, they have to raise the bond rates to entice the investor.

Dog Days of Summer

In our mutual business and especially in the Okanagan it can be difficult to stay focused on the task at hand, building our business and wealth! I have attached a link to a blog written by one of our lenders President who speaks very candily about striking while we can. While it is slanted towards mortgage brokers I believe the same holds true for realtors, financial planners and business people in general. http://boristalks.wordpress.com/2011/07/12/dog-days-of-summer/  

Taken from Creative Mortgage e-newsletter www.creativemortgage.ca