08/29/2025
https://www.facebook.com/100063760801777/posts/1300595975409084/?mibextid=rS40aB7S9Ucbxw6v
Given all the fixed mortgage rate increases we’ve seen since bond yields began their upward climb back in April, I’m happy to bring some great news! A major lender has introduced a new 3-year fixed rate promo at 3.69%. However, there are two conditions that need to be met to qualify for the promo rate.
The first is that the mortgage needs to be insured. In other words, you’re purchasing with less than 20% down payment and therefore requiring CMHC default insurance.
The second condition is the mortgage needs to close within 30 days (Offer expires September 30th, 2025). That said, it may be possible to secure the same rate with slightly longer lead times, however, it would be considered on a case-by-case basis.
There are some who become so focused on getting the lowest rate that they forget about what’s most important: a mortgage with the lowest cost. While it’s great to get a lower rate, the hefty insurance premium will far exceed the savings seen from the lower rate, making the insured option an expensive choice. In fact, the rate difference on a 5-year term would need to be roughly 0.65% on the insured option… and that’s just to break even. On a 3 year term, the difference would need to exceed 1.00%.
