It looks like the days of fixed interest rates below 4% may draw to a close this week. One by one lenders have been announcing increases to their fixed rate mortgages today. The 5 year fixed is jumping 0.60% from 3.89% to 4.49%. Unlike the 3 previous occasions that we have sent out interest rate alerts, we feel that this time is different because the economic fundamentals causing the rate hike are much stronger.
If you are currently in a variable rate mortgage and have been thinking of locking in, you will want to call your lender immediately to take advantage of current rates below 4%. If you would like some guidance we are both available tomorrow to chat about your mortgage and whether locking in is the right choice for you.
If you know of anyone who needs a pre-approval or to refinance in the coming months please point them in our direction and have them contact us immediately. This is a time sensitive matter.