This rate is worth it’s own blog post! Currently on RateSupermarket.ca you can get a 5 year fixed mortgage rate for only 2.99%. Yes you heard right, 2.99%! The offer is only available to Ontario residents and comes with a 21 day rate hold. It also allows for 20% annual lump sum payments and a 20% increase on your monthly payments – two features that allow you pay off your mortgage faster and save loads on interest.
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The interest rate announcement earlier today confirmed what many were expecting, the Bank of Canada will maintain the key overnight lending rate. The overnight rate continues to sit at 1 per cent, the Bank Rate is 1 1/4 per cent and the deposit rate is 3/4 per cent. This announcement mirrors the thoughts of our Mortgage Rate Outlook Panel and means that variable mortgage rates will remain unchanged.
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RateSupermarket.ca has announced the results from their Mortgage Rate Outlook Panel for March 2011. The short term outlook for fixed mortgage rates is unclear with the Panel expressing conflicting views, but the resulting consensus is unchanged. Homeowners can also expect low variable mortgage rates to continue in the short term, while the long term outlook is a slow and steady increase set to begin around the middle of 2011.
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Despite Canada’s economic recovery, the experts believe our growth is hindered by the slow-moving US and Global markets, which means that interest rate increases are likely to be delayed as we wait for the rest of the world to play catch-up.
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RateSupermarket.ca’s panel of mortgage experts believe Canadians will enjoy low fixed and variable mortgage rates for the month of December and into the New Year.
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