The BCREA posted a report on the current state of the mortgage industry and I'd like to share some of that with you today.
Mortgage Rate Outlook
"Low long-term interest rates and heightened competition in the mortgage market pushed both posted and discounted mortgage rates to record lows during the second quarter. The posted five-year fixed rate reached a historical low of 4.79 per cent in May and many lenders have advertised sub-3 per cent five-year fixed rates as well as steeply discounted variable rates."
For the full report, and more information on economic outlook please click here.
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