5 year fixed mortgage rates

5 year fixed mortgage rates RateHub.ca has collected some fantastic statistics on 5 year fixed mortgage rates that I wanted to share with you. In this paper we will outline the following: 1. Current 5 year fixed mortgage rates 2. Popularity of 5 year fixed mortgage rates in Canada 3. Historical 5 year fixed mortgage rates 1. Current 5 year fixed mortgage rates 5 year fixed mortgage rates are at historical lows. For a look at this week s current rates, as of March 17th, 2011, the lowest 5 year fixed rate is provided by the mortgage brokerage Safebridge Financial at 3.74%. This mortgage allows home owners to pay down 20% of the mortgage principal each year, and increase their monthly payments by 20%. The lowest bank mortgage rate is PC Financial with a 5 year fixed mortgage rate of 3.89%. 2. Popularity of 5 year fixed mortgage rates in Canada The 5 year fixed mortgage rate is the most popular mortgage rate in Canada. Though there are no specific statistics stating the number of individuals with a 5-year fixed mortgage rate in Canada, the CAAMP publishes its annual survey which listed the following two statistics: 1. 66% of Canadians have a fixed mortgage rates 2. 66% of Canadians have a 5 year term on their mortgage 18-34 1 year term 2-4 year term 5 year term 6-10 year term >10 year term 3. Historical 5 year mortgage rates Currently, Canada is in a period of historically low mortgage rates, with 5 year fixed mortgage rates being no exception. In the graph below we have shown 5-year posted mortgage rates beginning in 1973 to the end of 2010. The five year fixed mortgage rate went as high as 21.75% in 1981. Today, March 17th, 2011, the posted 5 year fixed mortgage rate is at 5.44%. The lowest 5 year fixed discounted rate is even lower at 2.74%. 5% 27% 66% 3% 0% 35-44 7% 18% 65% 9% 0% 55+ 6% 12% 69% 10% 2% All ages 6% 20% 66% 7% 1%

Source: CAAMP Annual State of the Residential Mortgage Market 2010