Posted 1/12/2024, 12:00:36 PM
Mortgage Rates Drop Below 5% - Lock in Low Fixed Rates Before They Rise Again
- Fixed mortgage rates have dropped by over 1% in recent months, presenting an opportunity for homebuyers and those looking to renew
- 5-year fixed rates are now below 5% for the first time since last spring, available for as low as 4.84%
- Falling rates are tied to shifting expectations that the Bank of Canada will start cutting interest rates sooner
- Securing a rate hold now locks in current low rates as an "insurance policy" against future increases
- Variable rate mortgages could also see declines if the central bank cuts rates, but carry risks if rates rise instead