| Mortgage Update
April 13, 2010 |
Mortgage Market Update
Fixed rates to increase again!
With the Royal Bank leading the charge to higher rates and the other banks following we are looking at a .25% further increase to fixed rates. Using the excuse of higher bond yields (they have gone up about 10 bps in the past week), the Banks are raising their rates hoping to scare more people into locking in and betting that the Bank of Canada will increase Prime sooner rather than later.
Our best variables are now running at Prime - .50% (1.75%!), and 5 year fixed rates are in the 4.39% range, with some "quick close" specials at 3.75%. 7 year fixed rates are still available at 4.65% and 10 years at 4.99%, but not for long. Most lenders are either announcing their increases for tomorrow or will increase their rates tomorrow.
Despite some up and down economic data, and an ever increasing Canadian dollar, many are betting on higher rates from the Bank of Canada in June.
If you have been feeling nervous and are considering locking in to a fixed rate, this may be the time. See the section to the left for details how. If you are comfortable with your current variable, keep floating!
As always, if you have any questions or concerns, please email or call us at anytime. |
Invis on the Peninsula rate hold program explained!
If you are thinking about lopckin in your mortgage, we may have a better solution! We currently have a couple of lenders who still have 3.75% for a 5 year fixed. If you have provable income and good credit, we may be able to setup a rate hold for 90 days with these lenders. then in 70 days or so we can chat about whether you wish to keep floating, lock in with your current lender, or pay the penalty on your current mortgage and move to the low held rate. There is no obligation for you to proceed, and you would only do so if it looked like this rate increase was going to continue. If you are interested in this, please click on the link below to send me an email asap. thanks!
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Invis on the Peninsula named finalist for "Best Internet Presence" by Canadian Mortgage Awards!
We need your help! Please vote for us here: link
We at Invis on the Peninsula are excited to be nominated a finalist with the Canadian Mortgage Awards, and hope you can help us to win by clicking the link above to vote for us! Simply click the link, scroll down to Invis on the Peninsula heading and click on it to vote for us...Thanks in advance!
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