Many people refer to the Desjardins mortgage rate as one of the lowest in Quebec. Indeed there are several promotions available at the moment for your mortgage refinancing. Desjardins Group has the largest residential mortgage portfolio in Quebec. The company intends to maintain its market share by remaining competitive with its Desjardins mortgage rate.
Mortgage Rate Trends
According to Desjardins economists, there is an increase in the Desjardins variable rate in sight. Mathieu D’Anjou, senior economist at Desjardins, reminds us that Desjardins expects that there will be a rate increase of 0.25% in April 2018 followed by 2 increases of 0.25% in October 2018 and January 2019.
A 0.75% increase on a $500,000 mortgage is equivalent to an increase in monthly payment of more than $202 per month or $60,600 over time. For our calculation, we used an initial rate of 2.94% for a 25-year term. To do your own calculation, use the Desjardins Mortgage Calculator here.
It’s time to refinance your mortgages at a lower rate before it goes up.
Promotion in Effect
At Desjardins, there are several rate promotions on mortgages. Thus, a “5 in 1” mortgage is displayed with a promotional rate of 1.84%. This rate presents a special reduction in the 1-year fixed rate of 1.30%. Special conditions apply.
Also, there is a promotion on the fixed rate with a 5-year term at 2.69%. For more details on rates go to the website here.
Refinancing at the Right Time
According to several economists, U.S. and Canadian interest rates will soon rise. Save thousands of dollars by refinancing your mortgage as quickly as possible.
As you may have read in this article, the mortgage market trend is on the rise and that’s why it’s time to take advantage of the best rate promotions. The Desjardins mortgage rate is one of the lowest in the country. Trust this institution and meet with your Desjardins Mortgage Advisor today.