Some lenders are cautiously reducing their rates for 3, 4, and 5 year fixed terms albeit with some conditions.
One of our lenders is offering a 3 year fixed rate at 3.50% for new business and insured deals only. This same lender offers a 4 year rate with similar guidelines at 3.89%. Another lender has just reduced their 5 year fixed rate for their “value” mortgage product to 3.89%. This is a great deal providing you do not anticipate pre-paying your mortgage more than 10% annually and no lump sum payments are allowed. This lender will not accept stated income, rentals, secondary homes, transfers, or provide pre-approvals for this particular product. If you can close your deal within 30 days (great for refinances!) then the lender can approve your deal at 3.99% for a 5 year fixed rate. This mortgage will have competitive pre-payment privileges and allow for bi-weekly or weekly payments if you so desire.
Please note that no two lenders are exactly the same with their rates and their terms and conditions. Our job is to provide you with all the available options out there for you and to reduce the stress of finding you the best mortgage for your needs. We will provide you with more than one option so that you can feel very comfortable with your decision on how you wish to proceed. You can reach me, Ed Kolisnyk, an Accredited Mortgage Professional, at 250-808-9000.