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5 Year Fixed Mortgage Rates
5 Year Fixed Mortgage Rates
RateHub.ca has collected some fantastic statistics on 5 year fixed mortgage rates that I wanted to share
with you. In this paper we will outline the following:
5 year fixed mortgage rates are at historical lows. For a look at this week’s current rates, as of March
17th, 2011, the lowest 5 year fixed rate is provided by the mortgage brokerage Safebridge Financial at
3.74%. This mortgage allows home owners to pay down 20% of the mortgage principal each year, and
increase their monthly payments by 20%. The lowest bank mortgage rate is PC Financial with a 5 year
fixed mortgage rate of 3.89%.
The 5 year fixed mortgage rate is the most popular mortgage rate in Canada. Though there are no
specific statistics stating the number of individuals with a 5-year fixed mortgage rate in Canada, the
CAAMP publishes its annual survey which listed the following two statistics:
Currently, Canada is in a period of historically low mortgage rates, with 5 year fixed mortgage rates
being no exception. In the graph below we have shown 5-year
posted mortgage rates beginning in 1973 to the end of 2010. The
five year fixed mortgage rate went as high as 21.75% in 1981.
Today, March 17th, 2011, the posted 5 year fixed mortgage rate is
at 5.44%. The lowest 5 year fixed discounted rate is even lower at
2.74%.