| Mortgage Update
April 26, 2010 |
Royal Bank pushing rates higher.
The Royal Bank announced a 15 bp increase in their 5 year fixed from 6.10% to 6.25% despite no signicant increase in the bond yields that their borrowing costs are based on. Other lenders have yet to follow, likely deciding if the increase is worth it versus the competitive pressure in the marketplace. All of this is on the heels of a much lower inflation report on Friday, which should be spelling out less need for a rate increase.
Our current best variables are now running at Prime - .40 -.50% (1.85%-1.75%!), and 5 year fixed rates are in the 4.60% range (these rates vary by lender).
We expect Prime to go up in June .25%, with another possible increase in July by the same amount leaving it at 2.75% going into the fall.
As always, if you have any questions or concerns, please email or call us at anytime. |
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