Robert McLister: Multiple fixed rates are hitting two-year lows
- The three-year fixed (insured) fell 20 basis points to 4.24 per cent
- The three-year fixed (uninsured) decreased 10 basis points to 4.64 per cent
- The five-year fixed (uninsured) dropped 10 basis points to 4.54 per cent
Those three-year rates above are still your best fixed-mortgage values, assuming: (A) you don’t want to gamble on a floating rate, and (B) you need a mortgage for at least three years.
Three-year mortgages are especially enticing if you get a great deal from a lender offering cash rebates. In that case, the projected effective borrowing cost of a shorter 36-month term can easily outshine all other fixed-rate options.
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.