Five Year Mortgage Rate Below 5 Percent

Well, it’s been awhile…but the five-year fixed-rate mortgage is back under 5% as of today. Currently we have two lenders offering this rate but I expect a few more within days. It’s a good sign if you want to buy a house or condo for Christmas!

Let’s review the fundamentals of the Edmonton mortgage market:

• Affordable house prices? Check!
• Sufficient inventory to find what you want? Check!
• Motivated sellers? Check!
• Service availability? Lawyers…check! Appraisers…check! Land titles…check! Mortgage broker? CHECK!
• Favourable environment for conditional offers? Check!
• Low interest rates? DOUBLE CHECK!!

It would seem like a sophisticated buyer could find themselves a good deal on a place or two right about now – and with rates like these, why wait? Might as well submit an application and get pre-approved!