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Lower Mortgage Rate Now a Reality

Posted on 5th Feb 2014 by Mark Stern
lower rate shocked

One of the crucial aspects toward getting mortgage successfully is to secure lowest interest rate. It is an obvious rule that lower rates also entail lower monthly payments. Unfortunately various homeowners opt to just go with whatever their mortgage broker or bank offers. This happens mostly without even researching or inquiring about mortgage rates that mortgage lenders offer as well as the means on how mortgage rates really move and the reasons why. To put things in a clearer perspective, any change on the interest rate can pose certain effects on the money you have to pay or save.

 

Some individuals who are aspiring to get mortgages are stopped by undesirable rates but there is good news for all prospective property buyers across the entire country. The MortgageBrokerNews.ca reported that several mortgage brokers presently offer rates below 3% on a five-year mortgage in a fixed rate. The news was triggered positive response from certain groups but this does not go well with Jim Flathery, the Finance Minister. He even contacted major banks immediately to encourage them not to wade into the hot issues and mortgage rates battle.

 

According to some influential individuals like Kelvin Mangaroo who is the President of Rates Supermarket in Canada, the last effectitve and competitive push of bringing rates below 3% was marked last March 2012. Back during those times, the BMO Bank was leading the no-frills charge of 2.99%. Other known financial institutions followed suit immediately to ensure that they remain competitive.

 

This month, the bond investors likewise experienced rate drop significantly. On Monday, the rate for the five year bond of the Government of Canada dropped to around 1.55%. this drop has posed instant impact on the marketplace taking into considerations that mortgage rate of consumers somehow relies on bond rates.

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