Earlier in the year, the low fixed mortgage rate threshold was broken through by BMO when they introduced their historically low 2.99% for a 5 year fixed mortgage. The bond yields have been dropping continually since November 23rd and are now at the level where BMO introduced the 2.99% (fixed mortgage rates are determined by bond yields). You can track the bond yields yourself here:
http://www.bloomberg.com/quote/GCAN5YR:IND/ BMO's current 'low-rate' (and no-frills) mortgage is 3.09% as of today (according to their website). It is possible to still get 2.99% just about anywhere you look today with full features to boot.
The mortgage market has since evolved and is now more competitive than ever. You can now get a 5 year fixed mortgage as low as 2.79% on mortgages closing within 60 days, which is the lowest mortgage rate anyone has offered yet to date. Will they get lower? It really is hard to imagine so and I wouldn't hold your breath on that, but you never know what can happen.
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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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