Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 7th
In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%. That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollars in lost pensions and investments. Tens of thousands of people lost everything they had. It was horrible. While we, in Canada, were largely untouched. We weren’t smarter, we were just lucky not to be exposed to the subprime mortgages to the extent the rest of the world was. As they say, Canada is five years behind the US, and in this case, we got lucky.
That said, let’s get back to mortgage rates and fast forward to 2020.
If you are in a variable rate, you probably have a rate under 2.00%, but here’s something new. We are now seeing some lenders offer fixed mortgage rates under 2.00%. Yes, it’s true… fixed mortgage rates under 2.00%. I never thought I’d say that in my lifetime…