If you are sitting on the sidelines watching these amazing fixed rates fade in and out you should probably know that they are going to be fading out again. Five year Canadian Bond Yields are up to 1.6% as of today and this will make it difficult for the major lenders to keep their rates at their current levels.
If you are looking to get into a low fixed rate mortgage for the next 5 or 10 years now would be a good time to act. By Friday of this week it will be unlikely that any lenders will be as low as 2.99% on a 5 year fixed or 3.99% on a 10 year fixed rate mortgage.
To anyone looking for sound, unbiased mortgage advice we are here to help. The Bank of Canada recently published a report telling Canadians to use a Mortgage Broker when negotiating their mortgage. The report illustrated the tactics utilised by Banks to increase the profitability of dealing with their client’s mortgages and related services. If you didn’t have a chance to read it you go to it through this link.
- Looking to secure a lower mortgage rate for your purchase
- Wondering if it is time to lock into a fixed rate from your existing variable rate
- Not sure whether it makes sense to break your existing mortgage and pay the penalty for a lower rate from another lender?
Don’t hesitate to give us a call, our knowledgeable and friendly staff are here to provide you with sound, unbiased mortgage advice.