Mortgage rates have plunged once again
Posted August 1, 2012 10:41 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Have you had a look at the latest mortgage rates?
You may not have noticed, but they’re under that magic three per cent mark that had Ottawa warning the banks not to get too aggressive.
According to RateSupermarket.ca, the fixed rate on a five-year mortgage is down to 2.94 per cent. That’s below the 2.99 mark that made Finance Minister Jim Flaherty warn the banks to take it back a notch when it comes to pricing.
A report in today’s National Post wonders why rates aren’t even lower, given the fact the bond market, which influences mortgage rates, continues to offer record low yields.
But while these rates continue to be tempting, the slowdown in housing sales over the past three months means not many are taking the bait.
