CMP Magazine ~ March 11th, 2024
Mortgage rates have started to decline, offering a glimmer of hope to prospective homeowners, especially as the spring housing market heats up.
For the first time since the Bank of Canada’s rate hike in June last year, five-year fixed mortgages have dipped below 5% for those uninsured and to an even lower 4.64% for insured borrowers.
Mortgage expert Robert McLister pointed out that three-year fixed mortgages are particularly appealing for savvy homeowners who value flexibility: “You’ll cough up a hair more interest but get the luxury to refinance sooner—handy, with whispers of interest rate cuts in the wind.”
He also noted that big banks are now offering substantially lower variable rates to well-qualified uninsured borrowers, especially those willing to engage in additional banking relationships. Some of those rates are as competitive as prime minus 0.75%, compared to the lowest nationally advertised rate of 6.64%.
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