When we were buying homes in the '60's, '70's, and '80's did we ever dream that interest rates would ever be so low as they are currently? I distinctly remember a friend, who was an active realtor in the early 1980's when rates went to 21.5%, making the comment, "We may never see 10% mortgage money again."
Well surprise, surprise! Rates today are at historical lows. If buyers qualify, they can obtain a 5-year closed mortgage for as little as 3.79%. A 1-year closed can be as low as 2.50% as are 5-year variable rate mortgages!
The following link will take the reader to a chart of current interest rates in Canada (provided by Gerry Smith, Mortgage Manager of TD Canada Trust):
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