This is a guest blog entry from Stephen Gagnon of Mortgage Architects.
Rates only went up 15 Basis Points (.15%). How much of a difference does it make on a $200,000 mortgage? Only $8.00/month. We are still sitting with historical low, low rates and will still be for some time this year. The Bank of Canada is only expected to move on their overnight lending rate (the one that affects variable rate mortgages) no sonner than July of this year. Investor's are enjoying some big gains in the markets right now, which in turn has affected the bond market, thus driving interest rates upwards.
For more information contact:
Stephen Gagnon, AMP
Mortgage Planner
Mortgage Designers at Mortgage Architects
2-4440 Chatterton Way, Victoria BC V8X 5J2
t.250.744.5557 /c.250.858.5401/f.250.744.1577
