Mortgage Rates At An All-Time Low!

Monday, May 18, 2009

by Mike Gustus - Gustus Group

There's never been a better time to buy a house! Just take a look at these interest rates:

The latest rate cut means consumers buying a house can borrow for as little as 3% interest on their loan if they are willing to buy into the Bank of Canada's statement that it won't be changing rates until June, 2010. If you don't believe the bank will hold steady on its promise, you can lock into five-year, fixed-rate mortgages for under 4% on a discounted basis -- the lowest rate in Canadian history. (Financial Post, April 22, 2009)

The regular rates at Banks seem to be approximately 1% higher than Mortgage Brokerage Companies, as this graph clearly shows:

By Mike Gustus

May 28^th, 2009

In response to your comment that it is not a good time to buy a home. If you are an investor that expects to flip a property in a few months, you are right. If you are looking to buy a home to live in for a few years it is a great time. Motgages are available for under 3% . There are government grants available for some. The price s are lower than last year. Even if the prices go down a little it is more than compensated for over the term of the mortgage at the low rates of interest. I still believe that it is a great time to buy a home.
By Doug Wong

May 21^st, 2009

Now doesn't seem like a good idea to buy a house in a market like Saskatoon with way too much inventory and slowing sales ... prices are sure to go down.