Aspiring homeowners - or those looking to renew their mortgage - should be thankful for the current state of the bond market. The recent spreads have allowed the big banks to lower their fixed rates again.
RBC's five-year fixed mortgage is now sitting at a posted rate of 5.59% - or a "special rate" of 4.19%. BMO has done it one better, dropping its "special rate" from 3.99% to 3.89%. And thanks to the fierce competitiveness of the banks, expect the others to follow suit in the very near future.
With fixed rates hovering at record lows, the fixed/variable debate has become more heated. If you're wondering which mortgage makes more sense for your particular situation, feel free to drop us a line for some no-obligation advice!
