Lowered 5 year fixed mortage rate

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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.

What does this mean for buyers?

Get out your cheque books, it's going to be a great spring.

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