A Mortgage rate increase has happened over the last few days. Fixed rates moved up by 20-30 basis points. We still have a few lenders who have not moved yet, but fully expect to lose them any day now. 5 year fixed mortgages are now in the 4.2-4.3% range. There were no changes in the pricing on variable rate mortgages. This has increased the spread to approximately 2% (almost double) between the 2 products.
At this time there is no change expected in the Bank of Canada rate until after our Federal election.
If you have a variable rate of any more than prime, prime + or a fixed rate of 5.0% or more, we should explore the merits of refinancing to a lower rate. Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars.
These low rates are still close to historical lows, making now a great time to buy or refinance.
Bank prime is at 3.00%
If you need assistance selling a house, fill out this form and we will help you evaluate your home's worth!