As more and more people are opting for mortgages, the mortgage market has become extensively competitive. Almost each lender is trying to gain the patronage of prospective borrowers, who are expected to enter into mortgage sooner or later. If one compares the rate being offered by several lenders, one will find the rates to be more or less similar. The only difference amongst Mississauga mortgage rates being offered is of few decimal points. So before entering into any mortgage, you must make sure to purchase the one matching your needs, not only in terms of the rate but also with respect to the mortgage terms.
Though the gap between fixed mortgage rates and variable mortgage rates is shrinking rapidly, you must choose the right mortgage option very wisely. In the month of May this year, the difference between the variable rate and a fixed rate was almost negligible. The variable rate mortgages, despite being low prove to be a bit risky for mortgage buyers. This is the main reason why the majority of the population is still inclined towards fixed rate mortgage. You can have a look at the different rates available by visiting our site www.ratetrade.ca.
If we compare the best Ontario mortgage rates 5-year fixed options then we may land with different rates daily. As of now, the trending rates for fixed rate mortgage of 1 year is around 2.08%, fixed rate mortgage for 2 years is around 2.04%, fixed rate mortgage for 3 years is around 2.19%, for 4 years is around 2.52% and that for 5 years is around 2.23%. These rates are an approximation and may vary according to market trends and from lender to lender. When compared to variable rate mortgage for 5 years, it is 0.54% on the higher side.