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Mortgage Rates Changing
Fixed rates moving up this week

In my monthly e-newsletter last week I mentioned the fixed rates were stable and some lenders had dropped their rates over the past few weeks.  At the time of publishing the bond yield was changing and my information was a few days off the mark.  Over the past few days the bond yield has increased putting pressure on lenders to increase their 5-year fixed rates.  We have received notification on Friday that rates would move up this week.  TD Bank has already announced a rate increase to 4.24% (broker rate) effective tomorrow.  Other banks and lenders will follow.

RATE HOLDS - we still have lenders that will give rate holds for up to 120 days at rates from 3.65% to 3.89% and rates on live deals (purchases or refinances) at 3.59%.  So if you are purchasing or refinancing in the next 90 days get a rate hold today.

For more details on how the bond market effects fixed rates read my newsletter (found in the archives section for November 2010 on my website at www.MyBcMortgage.ca) or read more on this link. http://www.bloomberg.com/apps/quote?ticker=GCAN5YR:IND

Note:  Bank of Canada today announced they will maintain overnight lending rate at 1%.  No changes to prime lending rate (which effects the variable rate products or lines of credit).
    Feb 2011  
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TheMortgageCenterLogoPauline Tonkin
   The Mortgage Centre - Elder Mortgage
101 - 566 Lougheed Hwy, Coquitlam BC
Phone: 604-813-8402