Bond yields, which are the determining factor for fixed mortgage rates,, have been rising steadily now since October 28th, and jumped significantly higher this morning.
This is now putting upward pressure on fixed mortgage rates. Some of the major banks, including Scotiabank, TD and National Bank have already increased their rates. Pressure is on other lenders to follow. If the rates continue to rise, other lenders will be moving them up for sure.
Right now, there are 5 year fixed rates as low as 2.39%, but there is no telling how much longer this rate will be available. If you have a purchase closing within the next 120 days or a renewal of a current mortgage coming up in the next 90 days, I'd suggest you get a rate locked in right away.
_________________ Paul Meredith Mortgage Broker CityCan Financial (est 1976) 416-409-8009 http://www.easy123mortgage.capaulm@citycan.comLic#10532 Follow me on Twitter! http://www.twitter.com/paulmeredith
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