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Wow... the interest rates are pretty good these days.

I just purchased a new car... the finance rates were 2.55% over 5 years.
It's pretty cheap these days.

This is what I heard from my parents this morning.....

Back in the late 70's they bought a house for themselves.
Then they bought a 2nd home as a rental. Initially rates were about 5%....about 18 months later rates jumped to about 18%.

Everyday right now they tell me how lucky people are right now....

But don't things happen in cycles?

It's a matter of time that inflation or hyper-inflation will happen. If you get locked in on a mortgage now and when renewal time comes around and the interest rates are around 10%, this will cause another mortgage crisis.

I agree that it is a time to buy....the only concern is to make sure that in 5 years when it is time to refinance....what are interest rates going to be like?

Have to proceed with caution but just have to be mindful of all things that can happen.

I don't mean to sound bad but people don't follow enough about mortgages, prime rates and in general what is going on in the economy to see what might happen to them or how it might effect them now or in the future.

I have no crystal ball but interesting today that the Bank of Canada came out saying that rates should stay this way until 2nd quarter of 2010....that is a year from now.

Wow, 3.69% on a fixed 5 year, and corrected housing market is amazing.

Get out there folks, now is the time to buy a home!

Bank of Canada announced a rate drop again of 1/4 point as of this mornings.

Most of the major banks will drop their prime rate from 2.5% down to 2.25% for tomorrow.

This allows people to get into a variable mortgage now at 3.05%, Prime plus 0.8% is the going rate.

In Winnipeg, there are local credit unions that are still offering Prime which could be a great deal.

Shop around if you around if you are looking for a new purchase, renewal, refinance or want to consolidate debt.

Remember this is only for Prime Rate based mortgages and fixed rates are already low at 3.69% on 5 year rates.

Call your mortgage broker to find out more.

Good Luck,
Victor