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There hasn’t been much rate movement on many of the mortgage terms since I posted them on July 8th. There has however been a slight decrease in the 5 Year Fixed Rate that I’m currently able to offer, so I thought it would be worthwhile to let everyone know.

What are today’s mortgage rates?

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Best 5 Year Fixed Rate is 3.24%

I’m now able to offer a 5 year fixed rate mortgage at 3.24%. This is a 30 day quick close rate so it’s perfect if you’re purchasing a home, refinancing or your mortgage is up for renewal in the next 30 days this is for you. If you’re looking for a longer rate hold I can still offer competitive rates but they will be slightly higher than the 3.24%. I can lock your rate in for 120 days though. As always if there is lower mortgage rates available once you find your home to purchase you’ll get the lowest rates.

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Best 10 Year Fixed Rate

The spreads grown a bit between the 5 year fixed 3.24% and the 10 year at 3.89% so it still makes some sense to go longer term. The 10 Year Fixed Rate is perfect for those that don’t have a large mortgage and want to really accelerate their payments. What a piece of mind it would be to not worry about mortgage rates for 10 years! With the right plan I can show you how to be paid off fully by the end of the 10 years.

If 10 years sounds like a long time don’t forget that they’re assumable and portable and best of all after 5 years you’ll only pay a 3 months interest penalty to break it. Not the IRD.

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What other products are available?

With the changes to mortgage refinance rules I’m seeing a big increase in Purchase Plus Improvement mortgages lately. If you’re purchasing a new home and think you’ll want to do some reno’s this is the product for you. Get in touch for more information.

Any questions about mortgage rates?

Contact me anytime for a no cost consultation. Ready to apply? Getting pre-approved is easy and once your application is completed I’ll be able to lock in your rate for up to 120 days.

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