Global instability, highlighted by turmoil in Libya and Japan, has caused Canadian banks to drop their mortgage rates.
Just as changes to mortgage rules coming into effect Friday were likely to make borrowing for a new home more difficult, the latest drop in interest rates has helped potential new borrowers in the short term find a more affordable price.
The Mortgage Lenders across the Board, slashed its rates on various fixed rate mortgages.
After heightened confidence led to mortgage rate increases last month, banks are now following the cue of declining bond rates, according to the Globe and Mail.
For the RBC, the country’s largest bank, its residential mortgage four-year special fixed rate for closed mortgages was reduced 0.15% to a rate of 4.19%.
The Mortgage Broker Community currently has 5 year fixed rates at 3.79% and Variable Rate Mortgages at 2.15%
Rick Moran, AMP, OMB # M08001997
phone: (905) 824-3210
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