Fixed Mortgage Rates Finally Edge Lower

Buyers felt the noose loosen slightly as mortgage rates edged lower this week.

Nearly a month ago we watched the Canadian 5-year bond yield reverse course and this has finally rippled into fixed rate adjustments.

Lots of lenders dropped fixed rates by 5-10 bps today & yesterday,” reported Robert McLister of Canadian Mortgage Trends.

Not a huge drop, but a welcome respite nonetheless for buyers in this Calgary market that is stacked against them.

With rate holds generally topping out at 120 days, those 5 year fixed rates below 3% from April & May are long gone.  Still, rates are incredibly low by historical standards.

Five year fixed rates can be found in the low 3% range, while those with financial fortitude have the option of going variable with rates as low as 2.5%.

There are many variables to consider when selecting a mortgage besides the lowest rate such as prepayment options, penalties, portability and the like.

However, for those simply interested in finding the lowest rate, take a look at the newest offering on the web:

rate spy

(click to visit site)

The site allows you to compare different rates and terms offered by different lenders all in one convenient place & format.  Definitely worth checking out.

Rate Spy screenshot

(click to visit site)

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