Now that the prime rate has been lowered, it will be interesting to see what will happen with fixed mortgage rates, as fixed rates are more affected by bond yields then by the prime rate. I have already seen some small drops to fixed rates, and I predict that we will see them drop a little further before they bottom out.
We are all beginning to hear more positive things from people in the industry and I feel very optimistic about the coming season.
Today's record low interest rates really seem to be waking many people up and encouraging them to take action.
Here are some of the lowest rates I've seen in the marketplace.
Today's lowest rates:
1 year 2.99%
2 year 3.59 (30 day quick close)
3 year 3.59 (30 day quick close)
4 year 3.79 (30 day quick close)
5 year 3.69 (30 day quick close)
variable 3.00% (prime + 0.75)
All the best!