Fixed mortgage rates are now facing serious downward pressure due to bond yields being at their lowest level since April 2013. Fixed mortgage rates are determined by bond yields, so the lower the bond yields, the lower fixed mortgage rates you will see.
Right now, the lowest 5 year fixed is sitting around 2.74%, although most lenders are still around 2.99%. There is room however for lenders to go lower
, and we very well may see some lower rates soon should this trend continue... or even stabilize. All it takes is one major lender to make a move on rates and others will start to follow.
If you have a mortgage closing within the next 120 days, there could be an opportunity to secure one of the lowest fixed mortgage rates in history.
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Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.capaulm@citycan.comLic#10532
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