Windsor Real Estate Statistics, Market Updates, Housing Starts, Mortgage Rates, Windsor MLS Listings and Data.
Bank of Canada rate and Mortgage Rates
Bank of Canada dropped the prime rate by 1/2% yet the major banks raised their lending rates on most of their mortgage products. The major banks posted 5 year rate now stands at 7.20%. usually you can get a discount of up to 1% off the posted rate which would make it 6.2%. The variable rate has also changed from a range of -.5% to -.75% under prime rate to +1% OVER the prime rate. Yes it sucks I know. If you have been pre approved at a lower rate or especially the previous variable rate (which the bank probably won't honour, they weasel out of it) now is the time to buy. Prices has dropped across the board and you're pre approved rates are much lower than what you're going to get from here on in for the foreseeable future. Don't wait buy something now. For more information feel free to contact me at donmerrifieldjr@remax.net
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