Lowest 5 Year Fixed Mortgage Rate

Mortgage Rate Announcement

This rate is worth it’s own blog post!

Currently on RateSupermarket.ca (Monday November 21, 2011) 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 to pay off your mortgage faster and save loads on interest.

5 year bond yields, which are closely aligned to the 5 year fixed mortgage rates, have dropped over 40 basis points since the end of October.  With fixed mortgage rates under 3%, this makes variable mortgage rates look less attractive.  Why not pay a few extra basis points for the security of knowing what your monthly mortgage payments will be for the next 5 years?

It looks like Dr. Ian Lee had the right idea when he submitted his mortgage rate outlook for November!

Related Topics

Mortgage News / Mortgage Rate Outlook Panel / Mortgages

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