Rate increase simply means what?

June 1, 2010 The Bank of Canada raised the target for the overnight rate by 0.25%. This is the first increase since 2007 and has been expected for some time now.

As a result, many lenders have adjusted their prime rate to 2.50%.

Simply - what does this mean?

As a rough guideline, a $300,000 mortgage amortized over 30 years can expect the monthly mortgage payments to go up by just $40 per month.

If you have any questions or concerns regarding your mortgage or pre-approval, please feel free to contact:

JULIE GILLESPIE
The Mortgage Centre
(o) 250-861-4222
(c) 250-826-4744
juliegillespie@telus.ent

CHRIS MURPHY
Dominion Lending Centres
(o) 250-717-5050
(c) 250-717-7164
cmurphy@dominionlending.ca

If you have any questions or concerns regarding real estate, please feel free to contact:

JUNE CONWAY
personal real estate corporation
RE/MAX Kelowna
(c) 250-317-3136
june@juneconway.com