After months of warning, Canadian Fixed Mortgage Rates are set to increase from the record low rates they are currently at. Mortgage specialists are recommending that you lock in at these low rates while you still have a chance!
The spike in mortgage rates is a response from lenders to the Canadian Bond yields rising. Despite the rise in fixed mortgage rates, variable mortgage rates will remain the same. It is expected that the variable mortgage rate will remain the status quo going in to 2014. The hike in fixed mortgage rates are not anticipated to be huge, however, it will increase a few points. We reccomend locking in for a 120 days if you can!
Speak to your preferred mortgage broker about locking in to your mortgage rate before it’s too late!
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