TORONTO, ONTARIO, Jul 26, 2012 (MARKETWIRE via COMTEX)
In June, 41.8% of Canadian mortgage seekers were leaning towards five year fixed rates, according to RatePulse, a new monthly digest offered by RateSupermarket.ca, Canada's independent rate comparison site. That number is likely to jump even further now that record lows were seen this week for the five year fixed rate, at 2.94%.
The record-breaking rate, offered in Ontario, appeared on Tuesday and is expected to return as the precedent has been set.
"As the gap between fixed and variable mortgages narrows, and with 2.94% setting a new low, fixed rate mortgages have never been more enticing," said Kelvin Mangaroo, President of RateSupermarket.ca. "However, what makes this mortgage product even more appealing is even with the rock-bottom rate, it is still a full featured product - meaning Canadians can pay their mortgages off even faster with these flexible prepayment options."
Borrowers are able to top-up their regular payments and make additional lump-sum payments to pay down their mortgage sooner; often the trade-off to lower rates is that the mortgage is "no frills," offering little or no flexibility on payments. Such restrictions can negate the benefits of the lower rate.
via: The Market watch - Wall street Journal
As mentioned, we may see rates even as low as 2.84% from lenders such as Xceed Mortgage corp, but with not only the low rate, but a canadian consumer wants to be sure the products fits their needs also.
Xceed current pricing
All these products, rates and more can be given when contacting a Mortgage Teacher