for whatever reason, this past December continued on like previous months for those requiring mortgages for their home purchase or refinancing their existing mortgage for home renovations, consolidating debts, investment purposes, etc.
One main factor may well have been the extraordinary low mortgage rates we continue to enjoy (ie – the best 5 year fixed rate is currently at 3.79% and best 5 year variable rate is at Prime minus 0.10%). With the Prime lending rate currently at 2.25%, it is easy to see why many have chosen to act now. It is believed that later this year the Bank of Canada may begin raising the bank rate in order to curb inflation.
Another factor for the recent activity may also be that the economists have said that the recession was finally over this past summer and that we are now in a recovery mode. This may well have induced more confidence in the economy than what was witnessed earlier on. Interestingly, the latest Ipsos Reid survey suggests that 73% of Canadians are optimistic that 2010 will be a good year for creating jobs and getting people back to work.
Whatever your current situation is, I look forward to discussing your particular mortgage needs and assisting you with your decision making process in order to provide you with the best available mortgage option (and lowest rate too!!!) in the Canadian mortgage market place. Please feel free to return to my website often so that you can be kept current on today’s best interest rates along with any newsworthy mortgage events to take place. If you have any mortgage questions at all or would like to proceed with an application, you can call me, Ed Kolisnyk, directly at 250-762-2070 for the Kelowna and surrounding area or toll-free at 1-888-877-3535.