Fixed Mortgage Rates in Canada are all time low

TORONTO, Oct. 13 /CNW/ - Mortgageratemarket.ca is posting one of the lowest rates in Canadian history. 5 year fixed mortgage rate of 3.49% is being posted on mortgageratemarket.ca. Mortgageratemarket.ca is owned and operated by Jay Goyle who works a Mortgage Broker in Ontario, Canada. It keeps track of the mortgage rates posted by various banks, brokers, trusts, insurance companies and credit unions and also posts latest mortgage related news and valuable mortgage related information on www.mortgageratemarket.ca/blog.

Jay says that this may be the best time of lock in rates for 5 years as the bond yields are all time low due to which fixed rates are low. Although variable rates are also looking attractive with rates in the range of Prime-.75 but due to a high probability of prime rate going up in the next 1-2 years fixed rate of 3.49% seems like a better deal. Four out of Five economists are predicting that prime rate will hit 4% by the end of 2011 and may go up to 4.5% in the first quarter of 2012. This will give an effective rate of 3.25% to 3.75% on Prime -75 bps variable rate mortgages in the later part of 2011 and early 2012,where as fixing 3.49% now for the full 5 year term will make sure that the rate is fixed and the borrowers are safe from prime rate hikes in the coming years.

Jay is a seasoned mortgage broker and has been in real estate lending for more than 8 years. He has helped his clients save thousands by recommending the right mortgage products and getting them the best mortgage rates.

For further information:

Jay Goyal
Tel:[phone]
Email:[email protected]