HawthorneVillager.com

Canadian bond yields are down sharply again today & haven't been this low since Feb 14th (Fixed mortgage rates are determined by bond yields). On Feb 14th, lowest 5 yr fxd mortgage was 2.99%. Currently 3.09%. This means there is downward pressure on fixed mortgage rates. We may see the return of some new specials soon, should the trend continue.

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

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

Do you know if 2.99% for 5 year fixed rate come back? Thanks!

Yes, I actually just received word today of a new 5 year fixed special at 2.99%, but it is for hi-ratio mortgages only (CMHC insured). It is possible that I may get it back for conventional mortgages this coming week as well. We will see.

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

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

LOL it's funny that people are rewarded for having a high ratio mortgage.

It really doesn't make any sense to the borrower. After all, why would they reward the client for having a lower down payment? The reason is because there are some lenders that insure ALL their mortgages through CMHC, regardless of whether you have 5% down payment or 30%. Some lenders will pay the CMHC fees on your behalf with a down payment of 20% or more, making them less competitive on rate. You still get a great rate, just not as good as they would be able to give on a hi-ratio mortgage.

Hope that helps clarify, as it is a very common area of confusion as you can imagine.

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

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