There have been some exciting moves in the mortgage rate news since the BoC announcement earlier this month. Below is an excerpt from Canadian Mortgage News about the recent changes.
Six Big banks have lowered their 5-year fixed mortgage rate over the last couple weeks.
The banks dropped their uninsured 5-year fixed rate by 25 basis points to 2.19%, according to data from RateSpy.com.
Some bankss moves were more significant. That brings its insured (high ratio) 5-year fixed to 1.89% (from 2.34%) and its uninsured 5-year fixed to 1.99% (from 2.44%).
The moves follow a downtrend in bond yields in recent months. The 5-year bond yield has fallen from 1.01% in June/July to a range of between 0.80% and 0.90% since August. Bond yields typically lead fixed mortgage rates.
Sept. 21 Update
Additional rate cuts were made by two banks Canada on Tuesday.
We are available anytime to talk about how these great rate changes can benefit your mortgage needs and financial goals.