It’s a new record for 5 year fixed mortgage rates at 2.74%! How much lower can we expect mortgage rates to go as we enter the typically hot spring mortgage season?
BMO’s ultra hot 2.99% 5 year fixed mortgage rate is back! Available for high ratio mortgages, and featuring full service payment options, it looks to be a great deal – but is it in your best interest to lock in low when interest rates may rise?
Nothing like a record low mortgage rate to start the week! 5 Year Fixed has dropped AGAIN – this time to 2.88 per cent! Following last week’s vertigo-inducing activity, looks like we’re in for more record lows. But how long will they last?
It’s official – we’re seeing the lowest 5 Year Fixed rate ever as 2.94 per cent is now available for Ontario residents. We’ve crunched the numbers to see the kind of savings you could have with this full service mortgage rate- and how to tell when a mortgage product could be too good to be true.
We’re starting to witness the effects of last week’s guideline and policy changes for the secured lending industry. Potential first time home buyers aren’t the only ones feeling the belt tighten – many mortgage agents who cater to this market are biting their nails as buyers may increasingly choose to stick with the renting market. Looks like everything comes with a price – even affordability.
Toronto experienced a 27.4 per cent increase in overall condo starts in the month of April. Some continue to worry if there is too much development going on and if supply is outweighing demand, contributing to the so called ‘condo-bubble’ in Toronto’s downtown core. So, is the supply sustainable?
Well, they’ve done it again! BMO shattered the competition for a second time this year by dropping their 5 year fixed rate to 2.99 per cent (available until March 28th). How did CIBC, RBC, TD and Scotia respond? With the same “If you can’t beat ‘em, join ‘em” theory they had back in January 2012. Behind the 2.99 per cent rate from BMO there are (what some would pin as) limitations, when compared to their standard product line. Here are the parameters.
They’re back! After speculation that rates would never return to the 2.99 per cent mark, BMO sent a shock wave through the mortgage industry earlier this week by offering the rate over a 5 year term.
We said “goodbye” to the super low 2.99% 5 year fixed rates last week and said “hello” to a still very competitive 3.08% 5 year fixed rate this week. For most rate shoppers, this increase of 10 bps can be traumatizing. Consumers tend to drool over a mortgage rate that is even just a few percentage points (or more) below other advertised rates. But let’s not forget that not all low rates are what they seem. Some super low mortgage rates typically signal a no-frills product that isn’t fully loaded with the features and benefits that might be important to you. Is shopping for a mortgage rate just like buying anything else; you get what you pay for?