Understanding the Current 5 Year Fixed Mortgage Rate Scenario in Canada
Understanding the current 5 year fixed mortgage rate scenario in Canada is crucial for potential homebuyers and those looking to refinance their existing mortgages. The 5 year fixed mortgage rate refers to the interest rate that remains constant for a period of 5 years after securing the loan. This type of mortgage provides stability and predictability for borrowers, as they know exactly what their monthly payments will be for the duration of the term.