FIVE-YEAR MORTGAGE RATE REACHES HISTORICAL LOW
According to the BC Real Estate Association, history was made in the first quarter of 2014 as some chartered banks lowered their posted five-year mortgage rate (the qualifying rate for high-ratio mortgage approval) to 4.99 per cent, the first time the five-year posted fixed rate has ever been below 5 per cent. Interestingly, this record-breaking move in mortgage rates comes at a time when five-year Government of Canada bond yields are well off their own historical lows.
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Source: BC Real Estate Association
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