Watching the 5 year fixed.

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 {ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} Year fixed.

In fact, 3 increases in 4 weeks have caused rates to shift from as low as 2.89{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8} to 3.49{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8}. 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{ea18e790148ddb141722068dfb73f9f74b06205fa18c7d39ece0e7144d0672b8}, so no movement there.