It’s been an eventful week for the mortgage market as we saw 5 year fixed rates drop to an all time new low, and contended with whispers of a forecasted housing market crash, prompting the question – will prices drop with a thud, or are we simply witnessing the effects of a cooling market?
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.
Canadian bond yields are pointing south once again, and 5 year fixed mortgage rates have dropped to the 2.99 per cent as a result – the lowest since March of this year. What could the slide be attributed to? Well, the answer lies overseas – more specifically, Spain. As investors continue to turn away from euro zone markets, what do the implications hold for Canada?
The turbulent month of May has passed, and it’s onward to June! With 5 Year and 10 Year Fixed Rates hitting all time lows, many consumers are considering a longer than usual term – and they’re giving 10 Year rates a second glance. But what implications does this hold for those who may need to break their mortgage? We look at the pros and cons of making a long term mortgage commitment.
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.