The chart below gives you a comparison of current rates,recent low rates on each term,lowest rates achieved in 40 years and when, together with rates as they were in 1989

Term of Mortgage

Posted Institution Rate

Our Rate Available

Recent Lows

+ or - from
low

Lowest in 40 Years
as dated

Rates from
Sept 1989

1 Year

6.35%

4.35%

4.65 (05/26/08)

+1.25

3.10 (04/02/04)

12.50

2 Year

6.35%

5.35%

5.08 (02/01/06)

+1.98

3.37 (03/25/04)

12.00

3 Year

6.35%

5.34%

5.05 (02/01/06)

+1.59

3.75 (03/25/04)

11.50

4 Year

6.69%

5.45%

5.08 (02/01/06)

+1.34

4.11 (03/26/04)

11.50

5 Year

6.85%

5.39%

4.99 (05/26/08)

+1.04

4.35 (03/08/04)

11.50

5 Year - No Frills

N/A

5.24%

4.99 (05/26/08)

+0.89

4.35 (03/08/04)

 

7 Year

7.30%

6.20%

5.09 (01/25/06)

+1.50

4.65 (07/23/05)

11.25

8 Year

N/A

6.30%

5.05 (01/25/06)

+1.65

4.65 (07/23/05)

 

9 Year

N/A

6.60%

5.28 (01/25/06)

+1.76

4.84 (07/12/05)

 

10 Year

7.45%

6.40%

5.33 (01/25/06)

+1.50

4.90 (07/12/05)

11.50

15 Year

N/A

6.85%

5.58 (01/25/06)

+1.52

5.33 (06/08/05)

 

18 Year

N/A

6.85%

5.65 (01/25/06)

+1.46

5.39 (07/23/05)

 

25 Year

8.535%

6.95%

5.79 (01/25/06)

+1.46

5.49 (06/08/05)

 

Variable Rate

4.0%

5.0%

.79 (13/04/04)

+4.21

.79 (13/04/04)

12.75

Bank Prime Rate

4.0%

4.0%

4.50 (10/08/08)

+0.75

3.75 (2002/03)

 

STATISTICS
Interest Rate and Housing

Lowest prime rate in last 5 years

Average prime rate over the last 5 years

Average prime rate (2007)

3.75%

5.02%

6.10%

Average 5 year posted mortgage rate over the last 5 years

Average 5 year posted mortgage rate (2007)

6.49%

7.07%

Average monthly rent of a 2 bedroom apartment in Kingston (2007)

$856

Maximum mortgage amount using average monthly rent ($856) as monthly mortgage payment

$167,500

Approximate qualifying income for $175,000 mortgage

$42,500

Approximate qualifying income to purchase a property with a 5% down payment (based on Kingston's 2007 average sale price of $222,346)

$50,585

Approximate qualifying Income for $100,000 mortgage in 1989

$44,000

Average Residential Sale Prices in Kingston

1989 - $122,000

2000 - $116,380

2001 - $118,092

2002 - $130,654

2003 - $141,486

2004 - $159,018

2005 - $196,537

2006 - $212,097

2007 - $222,346