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Are record-low mortgage rates tempting you to buy?

Categories: Business

Are you tempted to buy with mortgage rates so low? (Nathan Denette/Canadian Press)

Canadians who have held off on buying a house might reconsider now that two major banks have dropped their mortgage rates to record lows.

The Bank of Montreal lowered its benchmark five-year fixed mortgage rate to 2.99 per cent late Thursday -- the lowest posted rate from a major bank in Canadian history.

At least one bank followed suit. Toronto-Dominion Bank reduced its posted four-year rate to 2.99 per cent Friday afternoon.

Five-year mortgage rates have fallen overall from a high in 1990 of 14.25 per cent. The highest rate in recent years was in 2007, at 7.54 per cent.

Are record-low mortgage rates tempting you to buy? Are you thinking of breaking your current mortgage to take advantage of the lower rate? Let us know in the comments below.

(This survey is not scientific. Results are based on readers' responses.)

Tags: money, real estate

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