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PostPosted: Mon Jul 11, 2016 8:10 am 
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Joined: Fri Feb 01, 2008 2:35 pm
Posts: 527
As the bond yields continue to drop, so do fixed mortgage rates. Just when we think they couldn't possibly get any lower, they do. There are now 5 year fixed mortgage rates as low as 2.24% for high ratio mortgages closing within 45 days. That is, mortgages with LESS than 20% down. This offer has a minimum penalty to break of 2.75% of the outstanding balance, so quite high compared with most other non-bank lenders (more in line with what you might pay with a major bank).

For mortgages with 20% or more down payment, refinances and switches, there are 5 year fixed mortgages as low as 2.29% with a much more consumer friendly penalty calculations and for closings up to 120 days.

Fixed mortgage rates are determined by bond yields. You can follow the bond yields yourself here: http://www.investing.com/rates-bonds/ca ... bond-yield

_________________
Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.ca
paulm@citycan.com
Lic#10532

Follow me on Twitter! http://www.twitter.com/paulmeredith


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