“So what happens if we change our mind?”
If you’ve just entered into a purchase agreement on a brand new condominium, townhouse or detached home, then changing your mind is your right.
The Royal Bank of Canada has lowered its 5 year fixed mortage rate from 3.89% to 3.74%.
In it’s wake the other major big banks will undoubtedly follow. Their reasons are typically analytical, thoughts that the economy is not recovering as expected, and a drop in bond yields. However, two other factors are at play offering welcome relief to home buyers. The market has mellowed somewhat and a volatile sellers market is transitioning to something much more buyer friendly. Also, the non big 6 lenders, are heeding quicker to this change and offering up more attractive rates and terms.