Buy now to get an unheard-of rate for a 10-year mortgage| Toronto Real Estate Blog #Toronto #realestate

Rob Carrick

Buy now to get an unheard-of rate for a 10-year mortgage

Rob Carrick | Columnist profile | E-mail

From Tuesday’s Globe and Mail

Published Monday, Jan. 16, 2012 6:02PM EST

Last updated Tuesday, Jan. 17, 2012 5:11PM EST

There’s a brilliant reason to get into our expensive and quite possibly weakening housing market right now.

A 10-year mortgage is now available for under 4 per cent. You can thank the banks for this unheard-of rate. In the past week or so, competition between them on mortgage rates has gone nuclear.

More related to this story

• Is now the time to lock in my mortgage?
• Investing in property: a young person’s game?
• Moderate growth eases concern of crash in housing market

 

Video

Canadian home sales rise again

 

Term	Rate (with a top discount)
One year	2.59% – 2.84%
Two year	2.59% – 2.69%
Three year	2.89% – 2.99%
Four year	2.99% – 3.09%
Five year	2.99% – 3.29%
Seven year	3.84% – 3.99%
10 year	3.84% – 3.99%

Source: RateHub.ca, MonsterMortgage.ca

Today (Jan. 17) at noon (ET), Vince Gaetano of MonsterMortgage.ca joins The Globe and Mail for a live discussion about mortgage rates, where they are heading and what home owners should consider when making decisions about borrowing.

Mobile users can join the discussion by clicking here.

 

<a href=”http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=5f265278f7″ _mce_href=”http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=5f265278f7″>What type of mortgage should I get?</a>

 

For more personal finance coverage, follow me on Twitter (rcarrick) and Facebook (Rob Carrick).

via theglobeandmail.com

 

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