Royal Bank and TD Bank to Raise Fixed Rates

Today I was sent an email from Bryan Guertin of Mortgage Intelligence (905-842-4320), regarding mortgage rates. 

This is what he had to say.

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(Below is an email from Bryan Guertin of Mortgage Intelligence)

Royal Bank & TD Bank have increased  their  5 Year fixed term by 60 bases points ,effective tomorrow (March 30/10).

This means their 5 years discounted rate will go from 3.89% to 4.55%

My rates have not moved yet, so if you are are looking for fixed rates, then I suggest that you call and get themselves pre-approved with a rate hold of 120 days.

VARIABLE & any fixed rate term less than 5 years-effect April 19th- with the new rules from the Finance Dept., the qualifying rate will become Bank of Canada’s posted rate which is today 5.25%

Our qualifying rate today on a variable is the 3 year posted rate of 3.75%.  After this date, purchasers who want a variable will have to qualify at a much higher rate & this will push more people into a  5 year fixed mortgage as they will no longer qualify at the new higher rate.

On the 5 year fixed term, the qualifying rate remains the same, the rate they get for the full 5 years.

So, if you are looking to buy, certainly try to buy before Apr.19th so you are not affected by the new qualifying rate. The closing date can be after April 19th.

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If you are looking to buy or sell, via Oakville Real Estate, Burlington Real Estate or any where else from Halton to Hamilton, contact Brad Stevenett @ 905-407-7381 or brad.stevenett@century21.ca.

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Brad Stevenett

Brad Stevenett

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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