With the GTA real estate market as hot as it is, it is hard to imagine mortgage rates dropping, yet they have been slowly moving back downward since the spike we saw in the springtime. The regular 5 year fixed rate has now reached 4.19%
We can now find 5 year rate special s available for 3.99% for any of your mortgages closing by October 30th.
The 5 year variable rate has now dropped to prime +0.20%. (4.45%).
So how far will the rates continue to drop? That still remains to be seen. It really is hard to imagine them dropping much further with the market where it is and with the economy now starting to show signs of improvement.
While I don't think rates are going to start skyrocketing any time soon, we need to continue using the low rates we are experiencing to continue fueling the real estate frenzy we are now experiencing.
Today's lowest rates:
1 year fixed 2.55%
2 year fixed 3.05%
3 year fixed 3.39%
4 year fixed 3.85%
5 year fixed 3.99%
5 year variable 2.45% (prime +0.2)
Quote of the week: "The person who gets the farthest is generally the one who is willing to do and dare. The sure-thing boat never gets far from shore" Dale Carnegie
All the Best!