Mortgage Rates

Calgary mortgage rates are on their way up

Well we knew that the low low mortgage rates would not last forever.  How could they?  Seriously though, for people sitting in the post-2008 discounted variable rate mortgages, with rates as low as 1.25% – this increase is going to hurt.  Having said that, 3.69% is STILL a fabulous rate… you just have to lock in TODAY.

TD, ING, Laurentian, CIBC and soon the rest of the Big Banks will follow suit.  Scotiabank is usually good for lagging behind for a few days or even a week just to scoop a huge rush of business from the other players.  Scotiabank’s ADVERTISED 5 year fixed rate is 5.89% – but for their fabulous Broker Partners (some of us), we can offer the UN-published rate of 3.69%.  This will all change in a few days, to a week, however.

Keep in mind that when you lock into a rate hold through me, the rate hold is good for up to 120 days.  This means you have 4 months to buy a house or to decide what you want to do.  Just keep in mind that the rate expires exactly 120 days from the date of the commitment.  There is no looking back after that.

In an interview with 660 AM Radio yesterday morning, I reiterated that I am advising my clients to “LOCK IN” now.  Analysts are predicting rates to increase over the next 18 months, resulting in PRIME being as high as 6%.  That can mean doubling some mortgagee’s monthly payments.  It can be huge, but if you lock into 3.69% this week before its gone, you are going to save yourself a lot of financial grief.

Call me today for your own personal evaluation and application.