Mortgage Tips: Current Interest Rates

Here's a quick update on what's happening with mortgage rates.

 

There's been talk that we MIGHT see a 0.25% drop in the Prime Rate as early as April 2024. This will impact variable rate mortgages and lines of credit. 

 

It seems the fixed rate market (bond yields) has stabilized over the last couple of weeks, after many months of steadily increasing. We even saw a slight drop in the bond yields last week, resulting in SOME fixed rate terms coming down by as much as 0.15%. 

 

 

• Fixed rates range from 5.69% - 6.34% (Avg rate = 6.02%)
  Approx $641/month for every $100k based on a 25 yr amortization  
• Variable rates range from 6.20% - 6.90% (Avg rate = 6.55% with Current Prime Rate of 7.20%)
  Approx $673/month for every $100k based on a 25 yr amortization