Rates in the mortgage market have fallen to the lowest level since September 2017, meaning now may be a good time to think about a 5-year fixed rate. Typically during the busy spring homebuying season, lenders will offer their most competitive rates, and the timing is spot on with the surging of sales in Toronto.
With a 5-year fixed rate by 0.6% in four months shows why buyers should continue to shop around to make sure they are getting the best rate before they lock in a mortgage. With purchases closing in June, the timing is excellent for consumers to take advantage of these new rates!
The best rates can be found (currently) at the following:
Equitable (Fixed: 2.89%, Variable: 2.90%), MCAP (Fixed: 3.09%, Variable: 3.10%), DUCA (Fixed: 2.89%, Variable: 2.95%) and Scotiabank (Fixed: 3.24%, Variable: 3.35%). Also worth noting that fixed rates are the cheaper option above all.
Unless the Bank of Canada cuts it’s benchmark rate, don’t expect variable mortgage rates to go down. However, fixed rates may fall even further – so keep yourself updated!
Do you need the help of an experienced realtor to help you through the homebuying process?
Call Sutton today – we have agents standing by waiting to hear from you!
Sutton Group Realty Systems Inc., Brokerage
416-896-3333 / 905-896-3333