Canadian mortgage rates lowest in two years!
Attention potential/current Homebuyers!
The real estate market has some pretty pricey properties within it however, when it comes to scoring the best mortgage loan rate, lenders are jumping on the opportunity to increase their business by offering borrowers the lowest rates they have seen in the last two years!
As house hunting continues throughout the spring and into the summertime, Canadians will have the opportunity to lock down a decently low rate whether it be fixed or variable.
According to ratehub.ca, 66% of Canadians have fixed mortgage terms. As of today, five-year fixed rates are as low as 2.69%, the lowest range that has been recorded since the summer of 2017.
Variable rates are also on the decline giving lenders the chance to convince buyers to go for the ultimate rate, even if it doesn’t stick.
James Laird, Ratehub.ca co-founder and president of mortgage brokerage CanWise Financial states that the best variable rates start at 2.65% which is slightly better than a fixed rate but comes with a bigger risk of spiking in the future.
The decreased rates are not only advantageous for first-time Home buyers but for Homeowners with an upcoming renewal. Current Homeowners will not have to worry about a huge rate increase waiting for their new term to begin.
What do you think about the drop in loan rates? Are you going to take advantage of these new rates?
Let us know in the comments below!