Are record-low mortgage rates tempting you to buy?

Canadians who have held off on buying a house might reconsider now that two major banks have dropped their mortgage rates to record lows.

The Bank of Montreal lowered its benchmark five-year fixed mortgage rate to 2.99 per cent late Thursday — the lowest posted rate from a major bank in Canadian history.

At least one bank followed suit. Toronto-Dominion Bank reduced its posted four-year rate to 2.99 per cent Friday afternoon.

Five-year mortgage rates have fallen overall from a high in 1990 of 14.25 per cent. The highest rate in recent years was in 2007, at 7.54 per cent.

Are record-low mortgage rates tempting you to buy? Are you thinking of breaking your current mortgage to take advantage of the lower rate? Let us know in the comments below.

If you have been looking to buy a house or an investment property now is the best time to do so. I would be more than happy to outline your options and guide you in a right direction. If you are even considering buying later in the year or have a friend or relative thinking about it, let’s get together and let me show you why NOW, is the time!

Have a great January!