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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Alberta Mortgage Renewal
Alberta Mortgage Renewal
I needed to renew my mortgage and I had only two weeks to do that; due to personal reasons.
Besides contacting Richard Moxley, I called RBC to find out what was their lowest current mortgage rate; I also called some other banks that I was told were offering good rates. Once I compared all the current bank rates, Richard offered the best 5 year fixed rate.
He is a trustful Alberta Mortgage Broker. In less than two week he was able to get all the mortgage financing completed. To find such a knowledgeable and organize advisor in Calgary Alberta was a blessing for me.
I know I will contact him again in the future; Richard has helped other friends of mine and we will continue to do business with him
Thanks Richard!
Regards,
Ely Mikan
Calgary Alberta
