Friday, February 7, 2020 / by Mark Silenzi
Lower Five-year Fixed Rates Might Drive Stronger Sales This Spring
With the Canadian housing sector having overall good prospects this year, the spring market might see intensified activity if other top lenders emulate Toronto-Dominion Bank’s decision to cut its posted five-year fixed mortgage rate, according to veteran industry observer Rob McLister.
Earlier this week, TD Bank stated that it has set its new five-year posted rate for fixed-rate mortgages to 4.99%, from the previous 5.34%. This came in the wake of the five-year government bond yield’s decline to 1.34%, from the 1.70% in mid-December – a development spurred in part by fears about the coronavirus.
