After an increase of over 0.4% earlier this year in five year fixed mortgage interest rates, fixed rates for nearly all term lengths are falling this week. At it's height, the five year fixed rate being offered by many lenders had gone all the way up to 4.19% just a few weeks ago. Now, with the surge in real estate, and mortgage activity easing as we close in on the March 19th, 2011 deadline for mortgages to offer 35 year amortizations and refinancing up to 90% --the market has again eased and rates have correspondingly dropped. As of today, here are the best rates available through Alberta Mortgage:
Term Rate %
variable rate Prime - 0.80%
1 year closed 2.64
2 year closed 3.20
3 year closed 3.35
4 year closed 3.79
5 year closed 3.84
10 year closed 4.99
As always, all these rates are subject to qualification criteria and can change without notice. To get the most up to date rates, call one of the qualified mortgage professionals at Alberta Mortgage, or visit www.albertamortgagecentre.com.
To find out more about how the changes to mortgages can/could affect you, call one of the qualified mortgage professionals at 780-479-2222.
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