Tuesday, October 13, 2009

Fixed rate increases are coming!

The word on the streets is that fixed rate mortgages are on the way up! The bond market jumped on Friday so we expect fixed mortgage rates to follow soon (fixed rate mortgages are based on the bond rate while variable rate mortgages follow the Bank of Canada's prime lending rate).
While the Bank of Canada has publicly stated that they will not increase the prime lending rate for a while, this is very separate from the world of fixed rate mortgages. I'll post tomorrow with the new rates as soon as my lending partners start their increases.
BTW, if you do not have a rate hold at your lending institution, GET ONE ASAP!

No comments:

Post a Comment