A CIBC, CNW news release on April 16th states Canadians are locking into a fixed mortgage rate this spring with the expectation of mortgage rates will be higher a year from now according to a recent CIBC (TSX: CM) (NYSE: CM) poll conducted by Nielsen. This poll concluded that 47 per cent of Canadians think mortgage rates will increase in the next 12 months, up from 38 per cent who felt that way last year,48 per cent would choose a fixed rate mortgage if they had to make that decision today, the fourth year in a row that fixed mortgages have been the choice of Canadians,31 per cent would choose a variable rate mortgage today; and19 per cent were undecided as to which type of mortgage they would choose.
This release comes after recent news that Canada’s choice mortgage rate, the 5 year fixed mortgage rate was being offered by BMO at a low 2.99%. TD Bank is offering 2 fixed rates below 3% with their 4 year fixed rate at 2.97% and 2 year fixed rate at 2.79% and finally, Scotiabank with has a special 4 year fixed rate at 2.94%.
If you’re looking for best mortgage rates Ontario, Oakville Mortgage Team is a leading mortgage brokerage firm serving Oakville, Burlington and Milton, offering seamless solutions to all your mortgage needs. Whether you are a first time home buyer, new to Canada or looking to refinance an existing loan or mortgage, we offer you the perfect solution to cater to your specific requirement.