8 weeks ago we had 5 year fixed mortgages at 2.89% and 10 year fixed at 3.69%.
Because of volatility in the Bond Market 5 year rates shot up to 3.59% in a 2 week period. 10 year fixed sits at 3.99%
In the last week I have seen two of the large banks I deal with reduce the 5 year term to 3.39%. No change yet in the 10 year fixed and it remains at 3.99%
I think competition and a softening bond market will allow these fixed rates to ease back, perhaps another 10-20 bps in the next month.
In the meantime the Variable has popped its head up and could be an attractive alternative at 2.6%
Remember as Mortgage Broker, my job is to give good advice and provide value when a client asks for the lowest rate. A great product, robust features and a great rate is what I deliver to my clients.
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