While You Weren't Looking

Those fixed interest rates were going up on mortgages.  Did you think they only went up when the Bank of Canada announced a rate hike?  You're not alone.

This recent rate increase only affects variable rate mortgages & those who have them have seen their payments skyrocket.  However...

Fixed rates which are tied to the bond market have taken a few increases over the last couple of weeks.  That affects anyone wanting to purchase a home with a fixed rate mortgage which is everyone these days!  If you have a rate hold, you're good for that period of time (up to 120 days typically) to close at that lower rate.  Anything after that will go the new current rate.

Work with a professional to stay in the loop & understand these changes & how they could affect you.


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