“Buying down rates is not for everyone,” said Darin Bauer, a broker with Mortgage Intelligence in Toronto. “But I have several lenders who are offering really attractively low rates and December is a very slow month so I believe bought-down rates will bring more business through the door.”
A check with Bauer`s website TorontoMortgageSite.com indicates that he is offering a five-year fixed mortgage a 2.89 per cent. The offer is available for a home purchase, mortgage refinance or renewal. The rate, which can be held for up to 120 days, is ideal for home buyers who have a purchase coming within the next three months, said Bauer.
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