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What's happening with 5 year fixed rates?

Posted on Aug 23, 2012 in Mortgage Market Updates and News

It's the big question out there right now, what's happening with the 5 year fixed rate!? Earlier this week RBC increased their 5 year fixed rate special to 3.69%. This is a huge jump from the 2.99% some brokers are still able to offer. We haven't seen these kinds of spreads in rates in a long time between banks and brokers. While some banks are still offering 3.29%, TD Canada Trust joined RBC today, increasing their 5 year rate to 3.69 as well. Some people are calling it a rate war in reverse. While many lenders available to brokers have already increased their 5 year fixed, anywhere from 2.99% up to 3.59% is available to brokers currently. We have no 100% yes or no on whether our rates will go up as high as RBC's have, or when, but it's best at this point, to jump on the low rates if you can still get them.

Call Sharie Marie Francoeur, Mortgage Broker with TMG The Mortgage Group today to lock your rate in before they go up.