5 Year Fixed 3.54%

5 Year Variable 2.70%

CTV Morning Live: Mortgage Minute May 15, 2018

CTV Morning Live: Mortgage Minute May 15, 2018

Date Posted: May 16, 2018

Two major Canadian banks have raised interest rates given the multi-year highs of government bond yields. This passes along the rising costs of borrowing to consumers. Frank discusses the year over year change in mortgage interest rates including the dramatic difference between the 5 year fixed and 5 year variable rates. With the increase to the qualifying interest rate recently, buyers are seeing a drop in purchasing power.

See the full segment on the CTV website here!