Interest and mortgage rates in Canada
Tuesday, June 30th, 2009 | Ask Anne, Current Planetary trends, Financial Cycles
I have had several emails from readers asking for my thoughts on whether these are still on the way down. The short answer is NO. Interest earned on regular savings accounts and even terms is exceptionally low, and this won’t change in the short term. I don’t expect significant increase in interest paid until Jupiter reaches its exaltation sign of Cancer in five years. Banks and credit unions are imposing an extra percentage point on lines of credit — the bank of Canada rate of .25% did not reduce lending rates in direct proportion. The five year fixed rate reached bottom a week ago and is already on its way up. The shorter term rates remain low for now. The axis of the nodes of the Moon is one of the things I watch. These will shift August 21. From that point on I expect that the rates begin a slow climb upward. I think that July and the first three weeks of August are the ideal time to review your mortgage, consolidate loans and take advantage of the rates that haven’t been this low for several decades. In the so-called recession proof areas, real estate is now fetching asking price; it is becoming a seller’s market, which suggests that the bargains are over. At the end of October, Saturn which represents structures, limitations and business, moves into its exaltation sign of Libra. Saturn rules the North Node in Capricorn, so what is just and fair becomes the theme. A realistic value will be assessed and charged. Saturn returns to Virgo for three months in April 2010, which may bring some reduced real estate on the market. In British Columbia, this is likely to be properties created for the Winter Olympics.
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