Alberta’s Best Mortgage Rate - 3.59 on a 5 year fixed 3.49 on a 3 year fixed
Current Mortgage rates 3.59% 5 year fixed
We saw a roller coaster ride on the fixed mortgage rates for 2009, 2010 and now it looks like 2011 will be no different. In the 2009 summer Alberta had the lowest mortgage rate of 3.5% for a 5 year fixed. Then a month later it had shot up to 4.5%. Then because of the bond rate Alberta again had the lowest mortgage rates at 3.69%. Current mortgage rates again started to increase for October and the first part of November of 2009. Most of the branch mortgage specialists of the Major Banks were sitting at close to 4.49% on a 5 year fixed. At the end of 2009 the bond market softened up a bit, and rates declined slightly. The best mortgage rate for Alberta or anywhere was 3.89% on a 5 year fixed. Right around December of 2009 I had all these reports that the banks were going to jump the rates up. Then the banks, true to their nature the opposite happened in the beginning of February 2010. Rates dropped. Now after the banks raising rates in January of 2011, now they are back down to the 3.5% range.
The lowest fixed rates we have ever seen is 3.49% on a five year fixed, we are know currently at a 3.59% 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, and Mortgage refinances but it can only be held for 30 days from the time I submit the application.
The bank of Canada has been saying for the last year that rates are going up and they have but they have also come right back down. So it is left to us to guess as no one seems to have a clue what is going on. 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.
Everyone seems to have their guesses about what this will happen to the 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 2011 and then look for the roller-coaster ride of rates trending upwards in 2012 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.
Whatever you decide to do make sure that you are picking they type of rate that makes sense for you unless you have a crystal ball of course.
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First time Home buyer mortgages
Millet Alberta
First time home buyer Mortgages
I’m no expert but I was very happy to work through you, as you kept everything understandable and walk me through it all one step at a time. You stayed on top of everything. I can’t think of anything for you to improve on man. I would recommend you to anyone looking and I know you’ll do great. Thank you so much as we are also, very happy with the rates and stuff
Thanks and good luck,
Jesse Brunet and Julie Lapointe
Millet Alberta
Using your mortgage to eliminate any debt
See how Marlene Sandoval
Using your mortgage to eliminate any debt
Hi Richard,
I want to thank you again for your invaluable help. I had a very bad mortgage, with 5.99 interest rate for 35 years. With your help I could consolidate my debts an I got a better rate, 3.99 with the amortization I wanted.
Everything was fast, I sent all the required information to get an evaluation. Richard considered 4 scenarios for me and gave advise on how to get rid of my debts faster.
Richard Moxley and his assistant, Candace light with TMG the mortgage group, were very efficient and professional.
Thanks again,
Marlen Sandoval
