Banks rolling back mortgage discounts
The banks have started to roll back interest rates. RBC has raised its five year rate to 3.39% from 2.99% early, this promotional rate was initially intended to end February 29. BMO has also increased its rates on 5 year closed mortgages from 2.99% to 3.45%.
Other banks and lenders are expected to follow suit in the next few days.
If you are in the market to purchase a home in the next 90 days I would encourage you to talk to your bank or mortgage broker. As when these rates disappear we may not see them this low again, we have not seen rates this low in the last 10 years. Although there are some restrictions, and based on your credit score most brokers and banks can offer you a rate hold for as long as 90 days. What this does is guarantees your rate if you purchase within the hold period, even if the rates increase further.
Making your Real Estate needs my
priority!
Dave Dry
Realtor, Re/Max Real Estate
Website: www.davedry.com
Blog: blog.davedry.com
Office: (780) 457 3777
Direct: (780) 446 3727
Fax: (780) 478 7017