So, what have the Mortgage rates done this Summer?
Well, the phrase "a picture is worth a thousand words" is the easiest way to explain what the 5 year Canada fixed rates have moved in the past 3 months. Major banks and other leading mortgage lenders have been forced to increase many of their fixed rates, especially the always so popular 5 Year fixed.
In fact, 6 increases in 3 months have caused rates to shift from as low as 2.89% to 3.69%. This is an indicator of where the fixed rates are heading, and just how quick we Canadians can miss out on a savings opportunity.
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