Great news coming if you’re renewing a mortgage, you’re about to save money
November 30, 2014 § Leave a comment
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Canadians renewing a mortgage in the next six months are likely to be all smiles as they end up with a lower interest rate that should prove to be positive for the overall economy, says a new report out Tuesday.
The Canadian Association of Accredited Mortgage Professionals says in its annual state of the mortgage market that the average existing rate in Canada for consumers with a mortgage due in first half of 2015 is 3.5%. Just 60,000 of the 140,000 people renewing in the next six months have a rate lower than 3.5%.
“During the coming year, mortgage renewal is likely to be a positive event for the borrowers and therefore the broader economy,” says the report.
According to www.ratespy.com the best rate on a fixed five-year mortgage is now 2.74% while a five-year variable rate mortgage is 2.15% based on a hefty 85 basis point discount off of the…
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