BC Mortgage Rate Updates – April 28th, 2010

by admin on April 6, 2010

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bocrateVancouver Mortgage Rates – April 28th, 2010

I post the best mortgage rates in BC on a weekly basis or more frequently if the market is volatile.

I encourage you to enquire about rate changes. The lenders will typically have quick close rates to boost their month end numbers. Call 604-644-0826 for updates.

The Bank of Canada prime changed in the last rate update. The next rate update is April 21st, 2009. Here are the latest mortgage rates for BC.

Bank of Canada Prime: .25%
Lender Prime rate: 2.25%

Best Lender Rates as of April 28rd 2010

CMHC High Ratio Qualifying Rate – 6.1%

6 month closed: 3.95% Same
1 Yr Closed: 2.44% Same
2 Yr. Closed: 3.15% Same
3 Yr. Closed: 3.75% Up – Conditions apply
4 Yr. Closed: 3.95% Same
5 Yr. Closed: 4.19% Same – Conditions apply
7 Yr. Closed: 5.00% Down

Variable Rate Closed: Prime – .50%
Line of Credit: Prime + .90%

I also include links to the banks rate tables for your convenience. Regretably, the banks do not post their best rates…you still need to haggle. If you have the time for such things, here is a starting point.
Royal Bank 1, 2, 3, 4, 5 Year Fixed Rates and Variable Rates.
TD Canada Trust 1, 2, 3, 4, 5 Year Fixed Rates and Variable Rates.
CIBC 1, 2, 3, 4, 5 Year Fixed Rates and Variable Rates.
Bank of Montreal 1, 2, 3, 4, 5 Year Fixed Rates and Variable Rates.

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Jon Engleman June 11, 2010 at 5:16 pm

Lenders are not being shy about offering the most aggressive rates of the year as they need to get as much new business in the door and locked now just in case mortgage rates move higher in the days to come. The only loans I recommend floating are those that can be locked on a shorter commitment period in the next few months.

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