Lately there hasn't been as much movement in the Canadian mortgage rates market. Some view that as a positive thing, as stabilty brings certainty and allows people to make plans. Truthfully we often have mixed feelings about rate increases and decreases in the mortgage broker field.
- Mortgage rate increases hurt our clients in the pocketbook and make it harder to qualify, however, it often gets buyers 'off the fence' if they know about them in advance.
- Mortgage rate decreases save our clients money, at least those who act quicly on them, but can put pressure on real estate prices to go up to a point that many can't afford.
As most of us have heard over the years, maybe everything is better "in moderation". This latest interest rate decrease is certainly a moderate one, with a five-year fixed rate mortgage going from 3.59% to 3.49%. It's not a huge decrease but it is a welcome one and something you should consider strongly if you're planning to be in a home - any home - for the next five years.
The five year fixed interest rate has gone from 3.59% to 3.49%. Bond yields are fairly flat at 1.83%.
If you'd like, you can stay on top of any interest rate changes in the Canadian market by subscribing to First Foundation's interest rate RSS feed.