As the Canadian bond yields have been climbing steeply upward since the beginning of may, we have seen most mortgage lenders rates rates and/or cancel their specials (fixed mortgage rates are determined by bond yields). There are still some lenders hanging on to their low rates for a little longer and 5 year fixed rates as low as 2.64% can still be found (for mortgages closing within 30 days).
Those that follow the financial markets know too well that there have been some significant drops over the past several days (especially today, ouch!). Bond yields in turn tend to follow that trend as well and have also been starting to decline again. Too early to tell if their trend has reversed meaning lower rates from more lenders, but we very well may see that should the trend continue.
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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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