We all know that interest rates were destined to rise and the warnings have been out for some time now. The new mortgage rules, designed to cusion the blow of higher rates, also take effect next week on April 19th.
Moments ago, I got this email from Michelle Reichart at Invis:
Here is the latest on rate hikes:
Royal Bank of Canada the country’s largest bank, has raised mortgage rates again. The move, which will result in a 0.25 percentage point increase in the cost of a number of fixed rate products that the bank offers, is likely to spark another round of rate hikes among the country’s mortgage lenders. RBC kicked off one series of hikes a little more than two weeks ago, and most experts said that was the start of a steady rise in mortgage rates. At that time the cost of a five-year closed rate mortgage from RBC and many of its competitors rose by 0.60 percentage points to 5.85%.
So, there it is. The climb to higher rates has seemingly started. If you are thinking of securing a mortgage anytime soon, NOW is the time to get a locked in pre-approval in place.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg