Canadian Bond Yields (which somewhat determines whether rates go up or down), were up about two weeks ago and speculation was rates were going to rise again based on this. Now, they have fallen again, by 15 basis points, which means rates will stay at the low mark of 2.99% for the 5 year fixed. This comes at a perfect time for the spring market, where fixed mortgage shoppers get the rate they’ve dreamed about. Further more, Variable Rate Mortgages are at a very low Prime minus 0.50% (2.50%).
Rates right now are the lowest they have been in years, so make sure you get out in the spring market to take advantage! The low fixed rates may not last for too long!
Contact Robert Clancy today to find out which mortgage rates best suit your needs!