Last week we had a large spike in fixed mortgage rates due to rapidly increasing bond yields. The bond yields have continued to climb and are up another 2.79% as of this post putting more upward pressure on fixed mortgage rates. A few more lenders increased their rates as of today and more will follow.
You can still get a 5 year fixed mortgage for as low as 2.99% closing within 120 days or 2.89% closing within 30 days, however these rates will mostly likely be increasing and this can happen at any time. This may be the last chance to get a 5 year fixed rate under 3%.
You can follow the bond yields yourself here which will indicate why fixed mortgage rates are increasing:
http://www.investing.com/rates-bonds/ca ... bond-yield
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Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.capaulm@citycan.comLic#10532
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