Well, the phrase "a picture is worth a thousand words" is the easiest way to explain what the 5 year Canada fixed rates have headed. In the 4 weeks major banks and other leading mortgage lenders have been forced to increase many of their fixed rates, especially the always so popular % Year fixed.
In fact, 3 increases in 4 weeks have caused rates to shift from as low as 2.89% to 3.49%. This is an indicator of where the fixed rates are heading, and just how quick we Canadians can miss out on a savings opportunity.
Inquire about getting a Mortgage Teacher to hold your rate today for upto 120 days.
Is it too late? no way, rates are low and the market is still strong to be producing a good 5 year plan.
As for variable rate mortgages, the Prime rate is still at 3%, so no movement there.