RE/MAX Advantage Realty

Cell 778-892-8144

Office 604-526-2888


Mortgage Rate Update: Tues. May 29th 2012

Mortgage rates are holding fairly steady these days and are still quite affordable. It's looking like the best rate you can find on a 5 year fixed mortgage is around 3.19% which would put a monthly payment at $484.15 per $100,000.00 of lending on a 25 year mortgage amortization. 


For Example, if you bought a condo for $300,000.00 and put 20% down (60k) the mortgage would be roughly $240,000.00 and the monthly payment would be 2.4 x $484.15 equalling $1161.96 per month. 


I personally expect these to slowly creep up as the year progresses due to evidence of economic growth.



If you want more information on current rates visit Stephen Ewen's site. He is a mortgage broker with Dominion Lending Centres. 



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