CanEquity Mortgage Sees Rates Drop on all Fixed Terms
Despite rumours and majority opinion forecasting rates destined to rise, CanEquity has seen significant mortgage rate drops, as recently as within the last week.
While the current variable rate mortgage special is up 5 basis points (or 0.05 per cent) to 2.20 per cent as of last Wednesday, all fixed terms – from 25 years to six months – are either down or have seen no increases in as much as the last two years.
The current five-year fixed rate term, the most popular among Canadians, fell 14 basis points last week to 3.60, one of the lowest posted offerings in the country. The 10-year fixed rate also fell, five basis points, to place it at a historically affordable 4.94 per cent.
Last month the one-year fixed rate dropped 55 basis points – over half a percentage point – to land at 2.64 per cent, while the 7-year fixed term fell 5 basis points June 3 to arrive at 4.74.
If you are currently seeking financing, in the process of refinancing or considering a mortgage transfer, these mortgage rates are something to consider before the Bank of Canada makes its next rate announcement on July 19, 2011.