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Old 2019-07-08, 05:38 PM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default July8th Rate Update and First Time Buyer program

So mortgage rates have been holding steady for now...
Best 5 yr fixed 2.69% 120 day rate! ItÂ’s nice getting back below 3% again on the 5 yr money.
Best 5 yr closed variable is Prime -1.10% or 2.85% today,
Best 7 yr fixed 2.99% 120 day rate, insured
Best 10 yr Fixed 3.04% 120 days rate, insured

Best 5 yr Pre-approval rate is now 2.89% for a purchase with less than 20% down payment
Best 5 yr Pre-approval rate is now 3.09% for a purchase with more than 20% down payment.

For anyone interested in the details of our upcoming government sponsored First Time Buyers Program, I thought I would include the link below...

If you know of any first time home buyers out there, it may be of interest to them. This program begins in September.

Just a REMINDER, I always recommend taking a rate guarantee from the builders site office bank for those long purchase closing dates beyond 4 months. It obligates you to nothing, but guarantees you at least something in a rate that you really SHOULD have regardless of the higher rate. Makes no sense to sit on a fence with nothing!
You can always give me a call 4 months prior to the closing date and check for better rates. If I am lower, you can always leave the bank, but if they are higher, you will be glad you booked the "higher" rate when you did.
Have a great week,
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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