Record Low Interest

Are record-low mortgage rates tempting you to buy?

Canadians who have held off on buying a house might reconsider now that two major banks have dropped their mortgage rates to record lows.

The Bank of Montreal lowered its benchmark five-year fixed mortgage rate to 2.99 per cent late Thursday — the lowest posted rate from a major bank in Canadian history.

At least one bank followed suit. Toronto-Dominion Bank reduced its posted four-year rate to 2.99 per cent Friday afternoon.

Five-year mortgage rates have fallen overall from a high in 1990 of 14.25 per cent. The highest rate in recent years was in 2007, at 7.54 per cent.

Are record-low mortgage rates tempting you to buy? Are you thinking of breaking your current mortgage to take advantage of the lower rate?

If you have been looking to buy a house or an investment property now is the best time to do so. I would be more than happy to outline your options and guide you in a right direction. If you are even considering buying later in the year or have a friend or relative thinking about it, let’s get together and let me show you why NOW, is the time!

“As per Source.”