Fixed rates continue to rise.
My last blog post posed the likelihood of rates rising and a subsequent post as rates started to rise at the end of February and have continued to trend up little by little. This is due to the bond yield shifting up dramatically in the past few weeks. I had many calls and emails from clients about options and have secured rate holds. We can secure rate holds up to 120 days.
On Friday during a session with Dr Sherry Cooper Chief Economist for Dominion Lending, she confirmed fixed rates continue to rise in the coming weeks/months. This will happen as the government reduces their purchase of bonds.
Now is a good time to secure a rate hold if you plan to purchase in the coming months, renew your mortgage if it is maturing in the coming 90-120 days or your need to refinance and lower your monthly payments.
You may see many rate offerings online but they can be limited to high ratio buyers (with less than 20% down payment) or to purchases only. So beware of online rate offerings as they can be misleading.
Always consult with your independent mortgage broker.
Even if you have had some credit issues, the alternative rates are also very attractive at the moment. I have clients moving into new terms and saving hundreds of dollars each month.
As fixed rates continue to rise, it is always best to seek help from your trusted independent mortgage broker to review your needs. Reach out to me by email at firstname.lastname@example.org or call 604-813-8402 to book a time to review your needs and options.