Although rates were at 3.69% on a five year fixed, we are know currently at a 3.89 on a 5 year fixed and there are only a few lenders offering it.  One great thing about this mortgage is it can be used purchases, Mortgage Renewals, and Mortgage refinances but it can only be held for 30 days from the time I submit the application.

Where are rates going from here? Who knows - we are on uncertain times. Generally when the economy isn’t doing so hot they keep the rates low. Our economy and especially the housing market are definitely showing all the signs of the recession being over. The problem is it isn’t that simple.  You have to consider the increase in our dollar, increase in Jobs, problems with our Southern Neighbors and pretty much every other economic situation in the world.  Imports, Exports, an increase of printing money and whole bunch or other factors and the rates are a result of all of that.  Economists and even the bank of Canada don’t seem to be very sure what they should do.

Everyone seems to have their guesses about what this will do to interest rates, fixed and variable but as consumer confidence continues to grow I feel that we will continue to see rates low for the most part of 2010 and even into the beginning of 2011 and then look for the rollercoaster ride of rates trending upwards until we get back to normal rates of 5 – 6%.  Because of the uncertainty, many will still be working hard to get Alberta’s best mortgage rate locked in.