Mortgage Rates hit Record lows again!
This isn’t 2010, 11, 12, 13 or even 2014… It’s 2015, and once again, we are making this announcement. 5 year Fixed Mortgage rates are an new all-time lows! Today, you can get a 5 yr fixed rate for 2.79%, even 2.74%, with some conditions. (and by the way, yes, I am seeing slightly lower rates advertised, and I have access to these, but I won’t recommend these to my clients as they contain inferior terms, limited privileges, product restrictions and inflated prepayment penalty calculations… I won’t promote these.)
Just 2 years ago, the Federal Minister of Finance’s office picked up the phone, and called a Bank because they were advertising a 5 yr fixed rate at 2.99%. The federal govt was concerned that the record low rate, at the time, would promote more consumer spending and make the already hot real estate market, even hotter. Continue reading “Mortgage Rates hit Record lows again!”