As you may or may not know, the last few days have been a full out media blitz in terms of five year mortgage rates.

Last week BMO came out and once again broke the 3% barrier rate with a five year special fixed rate mortgage of 2.99%

Yesterday, Manulife followed suit and came out with a special 2.89% five year rate

The Finance minister, Jim Flaherty, got his knickers in a knot and blasted them both.

Manulife immediately caved to pressure and pulled their low rate mortgage.

Meanwhile, BMO is still holding fast.

Personally, we’ve been offering these rates for some time now, but when one of the BIG 5 starts advertising, it inevitably falls under the microscope.

Flaherty to bank CEOs:

“You should be cautious about your lending practices, because this is the type of practice that led to a mortgage crisis in the United States several years ago…So my expectation is that you will not compete to the bottom on interest rates.”

Seriously, all this fuss over a 1/100 of a percentage interest rate drop?

Since when does the finance minister control the market?

Why shouldn’t supply and demand dictate prices just like it always has?

Meanwhile, Flaherty is out buying shoes for the unveiling of the federal budget.

The bottom line, these special rates are still available, BUT as to how long, your guess is as good as mine.

The fact is, if you or someone you know is wanting to purchase a home or refinance in favour of a better rate, my best advice …DO IT NOW!

If you snooze, you absolutely may lose.

You may want to call me today, we can even hold this rate even after it’s done and gone, don’t delay…604-273-2002

PS – Feel free to forward this to anyone you care about… (everyone needs great advice)

Mark Fidgett is a Vancouver mortgage broker and the driver behind

Your Vancouver Mortgage Broker For Life

P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002

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