Bank of Canada increased its overnight rate by 1/4 of a percent for the second time this year and banks were quick to follow with an increase in their prime rates.
“Given elevated household indebtedness, close attention will be paid to the sensitivity of the economy to higher interest rates.”
Read the Official Announcement
Know Your Options.
A prime rate change will have a direct impact on Variable Rate Mortgages and other revolving debts you may have. Should you consider locking in or continue to ride the wave of a deep discounted mortgage? Are you concerned about you monthly budget or maybe it is time to access that equity to pay off other debts? Have you been preparing for this and taking advantage of prepayments privileges?
Fixed Rates again are also seeing some increases with two major banks already making a move and anticipated other lenders to follow.
- In the market for a new home – get pre-approved and hold a rate now.
- Mortgage coming up for renewal – review your options first.
- Wondering what to do with your Variable Rate Mortgage – review your options first.
- Want to revisit your financial and debt management strategy – lets talk!
For Mortgage Advice you can count on please feel free to contact me to discuss your opportunities
Today’s Best High Ratio Rates:
2.40% 5 Year Variable
2.79% 5 Year Fixed
2.84% 4 Year Fixed
2.69% 3 Year Fixed
Best Pre-Approvals Available:
2.99% High Ratio
Call for additional pricing options. Rates subject to change