Mortgage Rates have started to rise!
Just in case you haven't yet heard, Monday, for the first time in a while the mortgage rates from some of the big banks has started to creep up. The spread between bond yields and fixed mortgage rates is such that only desire for market share has kept the banks from raising rates to date.
Yesterday morning RBC (Royal Bank) and TDCT (TD-Canada Trust) announced a .60% increase in their 5 year posted rate, it will be only a matter of time before others follow suit. It's a sign that interest rates are probably on the upswing as has been predicted for quite a while.
What should you do? Don't panic! If you're already locked into to a good mortgage rate then there is nothing to worry about. If you're looking to buy or refinance in the near future than just make sure to talk to your mortgage broker or bank right away to guarantee your rate so you're protected if they rise. If you're purchasing make sure you're pre-approved by a bank or mortgage broker as they can guarantee to hold your rate from 90 days to 6 months depending on the broker.
If you're on a variable rate – is it time to lock in? That answer varies with the individual so best to talk to a professional about your circumstances.
If you're looking for a good mortgage professional click here for a list of great mortgage specialists who will be able to answer all your mortgage questions. Make to get all the information you need so you don't look like the girl in the above pictures!