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?
In June, 41.8% of Canadian mortgage seekers were leaning towards 5 year fixed rates, according to RatePulse, a new monthly digest offered by RateSupermarket.ca, Canada’s independent rate comparison site. That number is likely to jump even further now that record lows were seen this week for the 5 year fixed rate, at 2.94%.