3 June 2011
3 June 2011
Fixed rates fall again
| Recently some of the big banks announced a 10bps (0,1%) rate decline on all fixed-rate mortgage terms. Actually, it’s the third rate cut in the last 16 days. This time posted 5-year fixed rate is falling to 5.39%. |
This means it will be easier for borrowers to qualify for variable mortgages when all big banks follow the tendency.
Because of worrying North American economic data, fixed-rate funding costs have decreased lately. Today the 5-year government yield is 2/3 percentage point lower than its one-year high from April 8.
Other lenders cut their 5-year fixed mortgages to 3.69% or less.