Four Year Fixed Rates Down 40 Basis Points

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As of Monday the best mortgage rate available on a four-year term came down 0.40% to dip under prime rate and station at 2.99%. This was the first mortgage rate change to be seen at CanEquity since the second week of September, wherein the best variable rate available rose 0.20%, while the two-year fixed rate, the three-year fixed rate and the five-year fixed rate saw declines of 10 to 50 basis points (0.10-0.50%).

A qualified mortgage broker can help you deduce if the financing you are requesting to attain is indeed fitted to your budget.

The next interest rate announcement will be made by the Bank of Canada on October 25, and on October 26 the fall Monetary Policy Report will be issued.

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