Wow, what a month it has been in the mortgage industry. It’s hard to remember the last time we have seen interest rates drop by this much, and this quickly.
Over the past couple of months, we have seen the best fixed rates on the market drop by nearly 0.50%. Considering there has not been any change in rates from the Bank of Canada, that’s quite a drop.
Much softer economic data over the past couple of months, coupled with a softer tone from the Bank of Canada, have both lead to a BIG drop in bond yields. The drop in bond yields has given lenders room to reduce fixed mortgage rates drastically. Secondly, as we roll into spring which is traditionally a busy time for real estate, lenders tend to get more competitive with rates as they compete for a larger piece of business at this time of year.
All this to say that there are some VERY attractive offers available at the moment and we would be happy to help you take advantage of them!
Make Sure You Are Getting The Best Mortgage Available!
In times like these when mortgage rates are dropping, it’s very important that you have a team of mortgage experts working for them. When rates drop as much as they have over the past couple of months, it’s easy to miss opportunities that can provide to be very costly. This is particularly true if you received an approval a month or two ago for an upcoming closing. At the Jamie Small Mortgage Team, we monitor our clients’ mortgages closely right up until the closing date to make sure they take advantage of any rate drops that have occurred. Not having somebody working on your team to stay on top of these rate drops could cost you thousands of dollars in unnecessary interest cost.
If you have an upcoming closing, we would be happy to review any mortgage commitment you have to see if there are rate drops available for you. Similarly, if you are in the market for a purchase, we would be happy to help you and will make sure you are receiving the lowest rates available right up until you closing date.
Here are a few really great offers we would love to help secure this week;
5 year variable rate @ Prime – 1.05% (2.90% currently)
5 year fixed rate @ 3.09%
3 year fixed rate @ 2.99%
Today’s Best Mortgage Rates.
|TERM||HIGH RATIO RATES|
|1 Year Fixed||2.99%|
|2 Year Fixed||2.99%|
|3 Year Fixed||2.99%|
|4 Year Fixed||3.39%|
|5 Year Fixed||3.09%|
|5 Year Variable||2.90%|
We look forward to the opportunity to help!
**Information provided by:
Jamie Small, AMP 613-591-3591 x108
The Mortgage Advisors firstname.lastname@example.org