Robert McLister: Three year fixed rate mortgages still the best value
For those who can’t stomach rate risk, insured five-year fixed rates are now as low as 4.44 per cent. (Hopefully, fours are lucky.) Meanwhile, the uninsured variety has finally broken the five per cent barrier and now sits at 4.99 per cent.
The best value in the fixed space remains the three-year — especially if you can find one at or below 4.99 per cent. Fixed three-years don’t model out as well as variables in rate simulations, but many folks prefer their certainty through 2027.
Mortgage rates
The rates displayed below are updated by the end of each day and are sourced from the Canadian Mortgage Rate Survey produced by MortgageLogic.news. Postmedia and Imaginative. Online Inc., parent of MortgageLogic.news, are compensated by certain mortgage providers when you click on their links in the charts.