Mortgage Rates Drop again

(August 05, 2012 )

The lowest 5 yr mortgage rate is down to 2.94%.  That's below the 2.99% mark that made Finance Minister Jim Flaherty warn the banks no to get too aggressive.

Rates continue to be at a record low at this time.  But while rates are tempting, the slowdown in the housing market recently means people are not jumping into new homes.

If you are currently in an open term variable mortgage, you might want to go talk to your bank, and see if locking in at these low rates is a good idea for you.