Looking for the best mortgage rates? Here are my recommendations for this week.
3 year fixed rate mortgage 2.99%
5 year fixed rate mortgage 3.15%
10 year fixed rate mortgage 3.99%
5 year variable rate mortgage P-.10 (2.90%)
Up until last week lenders were trending upwards with their fixed rate mortgages however recent Eurozone concerns have investors looking for safety. One of the safest places to park money is in Canadian bonds which drives the price up effectively decreasing the yield. This has the effect of driving lending costs down for mortgage lenders allowing room for lower interest rates. Cause for concern if you are the government trying to slow down a heated housing market and debt burdened Canadian population but great news if you are currently in the market for the best mortgage rate.