Peak Rate

People are complaining about how high mortgage rates have risen in the past 6 months. While not realizing how good that we had it over the past 3 years, where fixed rates dropped as low as 1.79% for 5 years.

Things have changed a lot with the increases in bond yields which drives the fixed rates. In the last four months alone the fixed rates have gone from 2.89% at the end of January to now having 5 year fixed rates as low as 4.29%. That is an increase of 140 basis points while the variable rates have increased by 75 basis points.

However don’t forget that the Bank of Canada meets next week to set the next over night rate and most if not all economists are predicting another 50 basis points increase. Some economists are saying that we may be approaching Peak interest rate, however predictions are just that and ultimately the market will decide.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here