Mortgage Rates Increasing
It was bound to happen. I have been talking about the possibilities of rates increasing for the last week and I finally got notice from one of my lenders today that fixed rates will be going up at the end of this week. We are most likely going to see 5 year fixed rates above 4% again instead of the mid 3′s where they have been sitting for the last couple of months.It was nice while it lasted.
The five year bond rate was up .21% yesterday which was the biggest 1 day jump this year. The odd thing is this came on a day when the TSX dropped 140 points which would normally cause bond yields to fall as well. That pushes the bond yield up by .51% over this time last week. If you read my post from a couple of days ago you would know that the bank’s spreads are shrinking far beyond what they normally would allow.
My advice for anyone who is thinking about refinancing or purchasing a home in the next few months would be get pre-approved today to ensure you can take advantage of the low rates….we may not see them again.
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