February and Early March Rate Update

The tough economic times are continuing, and so are the mortgage rate decreases. On March 3rd we saw the Bank of Canada lower its overnight lending rate by another 0.5%, bringing it to a new all time low of 0.5%. We can expect most mortgage lenders to pass the full 0.5% decrease on in their prime rates, as well.

Fixed mortgage rates have also continued to decrease a slight amount, but for the most part haven’t shown any drastic declines.

1 year: 3.70%
2 year: 3.90%
3 year: 3.99%
4 year: 4.25%
5 year: 4.29%
7 year: 6.00%
10 year: 6.35%
Variable/ARM: 3.30%
HELOC: 3.50%

Note: Rates are current as of March 6, 2009.