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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
Comments:
Post Your Comment: