Little has changed in mortgage rates since last weeks mortgage rate review. Here’s the best mortgage rates for July 22nd, 2013:
What are today’s mortgage rates?
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Best 5 Year Fixed Rate is 3.24%
The best 5 year fixed rate mortgage is 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, read on.Get Today’s Rate
120 Day Mortgage Rate Holds
In the Canadian mortgage market many lenders offer what’s called a “Quick Close” mortgage rate. Quick close mortgages have the lowest rates available but also offer the shortest rate hold period. The shortest “Quick Close” mortgages have a rate hold period of 30 days. When you see a low rate offered online, there’s a pretty good chance that it’s a quick close mortgage rate. If your purchase or mortgage renewal is more than 30 days away you might be out of luck receiving these rates. When the rate hold period is between 90-120 days be prepared to lock into a rate that will be about 10+ basis points higher.Lock in Your Rate
What other mortgage products are available?
The Purchase Plus Improvement mortgage is still a popular option for home buyer’s. If you’re purchasing a new home and think you’ll want to do some renovations this is the product for you.Learn More