Posted 12/21/2023, 2:19:00 AM
Mortgage Rates Dip Below 5% - Providing Some Relief for Homebuyers Amid Rising Rates
- Some lenders now offering 5-year fixed mortgage rates below 5% due to lower bond yields anticipating rate cuts
- Rate cuts could provide optimism for first-time homebuyers who have been waiting on the sidelines
- Climbing rates have squeezed homeowners and remain an obstacle for prospective buyers
- Most brokers expect rates to fall further but not to pandemic lows; unaffordable for many Canadians
- Inflation data still key; if it returns, rates could be higher for longer, posing risks for renewing borrowers