Mortgage Rates in London, Ontario Continue to Drop

Mortgage interest rates in London, Ontario continue to drop. 5 year fixed terms can now be purchased at 4.19% or maybe a little less. These rates are at historical 50 year lows. A $200,000 mortgage over 25 years equals $1,070 monthly payments. A $150,000 mortgage is $805/month. If you wanted to do a variable mortgage, rates and payments are even lower. Free mortgage preapprovals can be done quickly with no obligation. To find out how much you can afford to purchase go HERE.

This is one of the reasons homebuyers are going to be purchasing homes in the spring market. Judging by activity at open houses (a lot of potential homebuyers are attending), and talking with buyers, the spring market should be fairly active. Many of these buyers will be first time buyers looking to get into the real estate market for the first time.