Mortgage rates on the rise
Mortgage rates are on the rise again for the third time in two weeks.
It would appear that an end to the lowest mortgage rates in 25 years may be near. Mortgage rates are more closely tied to bond rates than the bank of Canada prime rate, as such when bond rates increase so do mortgage rates.
This does, however, show that our economy is beginning to show some tangible signs of strength.
This on the heels of the most active month in the real estate market in two years, this tells me that the time to buy is now as the market has shown, and is continuing to strong signs of turning.
In short anyone who is thinking of purchasing property within the next 90 - 120 days should beat a path to your mortgage brokers door. While the rate increases seem small the long term cost of even a 0.5% increase in the rate will cost substantial dollars in the long term.
Making your Real Estate needs my priority.
Dave Dry
www.davedry.ca
Licensed Realtor in the province of Alberta