BREAKING: Mortgage rates are now lower than the 2.7 mark in Alberta! Mortgagestogo has unveiled a 2.68% 5 year fixed, available to high ratio buyers, and equipped with 20/20 payment privileges and a 30-day rate hold!
UPDATE: This certainly has been an active week for five-year fixed mortgage rates! At press time, the lowest rate in the country is 2.62%! Offered by Mortgagestogo and available in BC, this is a full-service mortgage that offers 20/20 prepayment, a 30-day rate hold, and is available to high ratio buyers. That’s a spread of only 12 basis points between the lowest variable option at 2.50%!
In Ontario, the five year fixed has actually gone up – Verico Butler Mortgages has raised the previously low of 2.65% to 2.69.
This is on the tail of levels of 2.67% and 2.68% previously this week. Can rates go even lower?
Keep checking back for the latest on this five year fixed mortgage rate for the busy spring mortgage season. While rates have been pushing new record lows for several months, buyers look to gain even better rates as the mortgage market reaches its peak. It shows there’s never been a better time to lock into a fixed rate as the best five-year variable rate sits at 2.50% – a spread of only 15 basis points!
On the hunt for a home? You’re in luck! As the spring mortgage market advances, five year fixed mortgage rates have been in for a dip, reaching new record lows all week.
The movement is right on par with what mortgage experts have forecasted for the busy spring mortgage season. While rates have been pushing new record lows for several months, buyers look to gain even better rates as the mortgage market reaches its peak. It shows there’s never been a better time to lock into a fixed rate as the best five-year variable rate sits at 2.50 per cent – a spread of only 15 basis points!
These new rates push the precedent for the five year fixed, the lowest of which has been 2.74% as of March 11.
Keep in mind that a super low rate isn’t the only mortgage feature to consider. The best rate for you will feature a combo of market competitiveness, along with flexible payment features that work for your specific financial situation.
High Ratio Availability: This means good news for first-time buyers and those with smaller down payments – this means a record low rate is also available to those putting less than 20% down.
Prepayment Privileges: Those looking to speed up their mortgage payments and cut down on their amortization will have the opportunity to pay up to an additional percentage of their mortgage value on an annual basis and monthly basis.
Rate Hold: Those who receive pre-qualification for this rate will have some time to find their dream home – often between 30 and 90 days.
Mortgage Minimum: To qualify, some mortgage products require a minimum mortgage value – often $50,000.
What would your mortgage payments look like with this record low rate compared to the lowest big bank offering – BMO’s 3.09 five-year fixed?
First, let’s assume the following:
Plugged into our mortgage calculator, it shows you’ll be paying the monthly amount of $1612 – a full $85 less per month than $1697 at 3.09%! That equals to $1020 saved over the course of a year and $25,500 over your mortgage amortization.
Will you be snapping up these great new rates? Do you think rates will go even lower? Shoot us a comment and let us know.