Posted in Yesterdat after the federal reserve in the US increased the prime lending rate by 0.75% (the biggest hike since 1994), the yield on the 5 and 10 year mortgage bonds in Canada actually declined slightly (by 0.10%). The reason? The market had already fully priced in this 0.75% increase, as many were expecting the increase to be 1.00%.
In plain English what does this mean for you as a borrower? In a nutshell, we see the recent trend of almost daily fixed rate mortgage hikes taking a pause for a week or two before resuming their march upwards in our quest to stop inflation. If you will be purchasing, refinancing, or even renewing your mortgage in the next 4 months, take this window as an opportunity to lock in your rate now while the getting is good.
Call (613)394-5810 or send us a message so we can review your options, as we'd love the opportunity to earn your business.
