When you’re in the business of looking after Toronto mortgage rates for clients who expect the best terms, it’s important to have a balanced approach. As one of the mortgage brokers Toronto firms with a great reputation we think that’s an important aspect so here’s both sides of the government’s decision to intervene in Manulife’s recent discounted rate.
First, you need to understand that people like Liberal interim leader Bob Rae has a point when he told the Toronto Star recently that Finance Minister Jim Flaherty should leave the markets alone. NDP Leader Tom Mulcair added his two cents worth saying that the minister has no business interfering with the working of a free market place.
It’s an idea that’s echoed by many mortgage professionals who want to be sure they get the chance to help people get in their first homes or refinance with the best terms possible.
However, as you might expect, there is some sound logic in how the government in general and Flaherty specifically defends the decision to call Manulife when they cut the rate on their five-year fixed mortgage to 2.89 % at the beginning of the week. He said in a statement that he was trying to avoid the kind of practices that were partially responsible for the problems in the United States.
Regardless of which side of the fence you’re on here, there are some great rates to be had for prudent borrowers looking to get into the housing market in the GTA and beyond. Toronto mortgage rates are at historic lows and if you’ve got your financial house in order these are great times to take the plunge. Using our mortgage brokers services is a good way to feel secure about entering the market.
