Mortgage rates fall to historic low
Posted On:
2009-04-23
Local real estate officials say they're unsure how the latest mortgage rate drop will affect the Thunder Bay market.
Earlier this week the Bank of Canada lowered the prime lending rate to 0.25 per cent – its lowest level in history. But Local realtors say Thunder Bay has boasted a strong home-buying market over the last year, which is even before the rates started dropping. Many local realtors gathered for a continuing education session hosted by the Thunder Bay Real Estate Board Thursday. Vice-president of the board, Diane Erickson, said it is too early to tell if the latest drop in mortgage rates will make a difference in the local market. The Bank of Canada's latest decrease brings the five-year fixed rate to 5.45 per cent and the variable rate to 3.05 per cent, which is significantly lower than it has been over the last 10 years. Erickson said that over the last year the Thunder Bay market has been very strong. Homes that have recently been put on the market have been turned around with a sale quickly. She said while some cities have seen peaks and valleys, the local market has remained fairly stable. TB News Source |
