Edmonton Home Buyers Rejoice

By Mark Walker · Wednesday, March 3, 2010

It’s just been reported that “BMO’s Drops The Gauntlet With Their 5-Year Fixed Mortgage”  and reduced their 5 year advertised discounted rate to 3.75%.

This is a huge deal in the Mortgage industry, as it’s very rare that a big bank will undercut the other banks so publicly. Most of the other big 5 are advertising 4.09% for a 5 year fixed rate, so you can see that’s 0.34% lower.

Keep in mind that it is pretty easy to find a rate below 3.75% within the broker channel. Most brokers are quoting rates under 3.75% for 90 day closes, and 3.69% for 30 day closes.

I’m keeping my fingers crossed that  the news from BMO is an indication of where short term 5 year fixed rates are going.

 

To take advantage of these record setting rates, Start your Edmonton Home search Today.

Please let me know your thoughts in the comments section below.

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