Sub 3% mortgage rates are in sight again — just don’t tell Jim Flaherty - GIC Wealth Management

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For Your Information Sub 3% mortgage rates are in sight again — just don’t tell Jim Flaherty

Sub 3% mortgage rates are in sight again — just don’t tell Jim Flaherty

Rates from some mortgage brokers on five-year fixed rate loans have dipped below 2.99% — a level the finance minister was so unhappy to see in the past he contacted banks that made that offer and warned them to stop getting into mortgage rate wars. Variable rates, which are tied to prime, have mostly remained constant because the Bank of Canada has not change its overnight lending in years. However, the posted rate, which variable rate borrowers must qualify off of, dropped in January from 5.34% to 5.24%…

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