There was a 20 - 25 point increase in the 5 year rate last week, and it looks like we are going to see another increase again. There has been hints from various lenders that they are going to raise rates again. Now is the time to get your mortgage pre-approval and off the fence!! I do believe we have seen the bottom of interest rates and as we start to see a recovery in the market, banks will increase interest rates.
If you've been waiting for the market to bottom, don't miss the boat!
The interesting thing about interest rates going up is that the banks have made no changes to their shorter term mortgage rates. One is to believe that they are keeping shorter term rates low, to keep the Interest Rate Differential high, when people in current fixed terms want to break their mortgage. Penalties are remaining very high!!
Sell now and move up, avoid the penalty and lock into low rates. Call Jamie Vieira now for "The Service You Deserve!" and let me put you in touch with the best Mortgage Brokers and find you the perfect home. 905-845-9180 or firstname.lastname@example.org