Rates remains steady today as economists continue to debate whether Canadian consumers are taking on too much debt. Some argue that the debt to income levels are reaching new highs over 150% and that should be a warning.
Others point out that 150% may have been high when interest rates were over 6% but at today's rates that level is very affordable and should not be cause for such hand wringing.
The truth is probably somewhere in between. And in the meantime for some consumers, as long as they can borrow enough to make their payments they will have not trouble with debt levels and will continue to support the economy with rising consumption.
My current five year fixed rate remains at 3.09%. Most of the chartered banks are currently offering their best customers 3.39%.
Mortgage brokers, and agents continue to bring better value to their customers.