Real Estate In Red Deer & Area
Real Estate in Red Deer, Jon & Denise Nichols Real Estate in Red Deer, Jon & Denise Nichols

5 year fixed mortgages are on there way down.

Boc Interest Rate Oct 2016

Royal Bank of Canada has become the first of the major banks to lower its posted interest rate for five-year fixed-term mortgages, a move that has been widely anticipated amid tumbling bond yields.

The bank lowered its featured five-year mortgage rate on Wednesday to 3.74 per cent from 3.89 per cent. Other big banks did not immediately match the rate, but mortgage expert Robert McLister, founder of mortgage-rate comparison website Ratespy.com, said others will move soon.

He said alternative lenders who compete with the big banks have already been lowering their rates for weeks, giving them a slight advantage in the market. Mr. McLister anticipates the major banks will settle their featured five-year fixed rates at about 3.64 per cent in coming days.

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Jon Nichols

Jon Nichols
Century 21 Advantage
Phone: 403.302.0800
Email:

Denise Nichols

Denise Nichols
Century 21 Advantage
Phone: 403.302.9498
Email:

Jez Nichols

Jez Nichols
Century 21 Advantage
Phone: 403.392.7002
Email: