If you read our article from last week, you’ll know that our NewRock Team loves the Spring and Summer for a variety of related reasons. In addition to being the busiest times for building, these months provide great opportunities for you to drop by one of our showhomes, cruise around the community, and — if you decide to purchase — make your move into a brand-new home while the weather is still good!

But today, we thought we’d leave aside our seasonal excitements and talk about one other awesome reason for purchasing a home now: the incredibly low mortgage rates currently available across Canada!

Two-Year Lows

Writing for the CBC, Pete Evans reported last week that “Rates on a standard five-year fixed-rate mortgage have fallen to their lowest level in two years.” What that means is that if you decide to lock in a fixed-rate mortgage now, you’ll guarantee that for the duration of the term of your mortgage, you’ll be paying well below 3 percent — and in some cases, as little as 2.64. 

In addition to other important variables — such as the season and the fact that mortgage companies are currently scrambling to hit their annual targets — the reason for this stark drop in fixed mortgage rates is the bond market. Evans notes that “Unlike variable rate loans which take their cues from the Bank of Canada’s benchmark rate, lenders finance fixed-rate loans based on the rates they can get in the bond market… So current rock-bottom interest rates on fixed loans are no coincidence, considering the yield on a five-year Government of Canada bond dipped below 1.3 percent this month.”

In other words, if you decide to lock in a fixed-rate mortgage today, you’ll be benefitting from a low bond market as well as a whole host of other financial factors that have converged to make now an incredibly good time to purchase a new home.

To discover well-built, affordable homes being built near you, check out our Communities Page. To learn more about what life is like in a NewRock-built home, check out the video below — featuring a few of our awesome homeowners in Saskatoon!