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The 5 Year Fixed mortgage rate is on the rise by 40 basis points from most lenders. Conversely, the 2 and 3 year fixed mortgage rates have been reduced by 20 basis points.

 

The Prime Lending Rate remains the same at 2.25%.

 

I am recommending if you are looking to purchase a property or refinancing, book your rate hold as soon as possible.

 

We do not know if this rise is a permanent trend or not. In the past 2 years we have seen many periods of fixed rate upswings and then they reduce again. Either way, if you already have a mortgage rate hold, or looking to get one now, if mortgage rates come down again prior to the mortgage funding, they will receive the lower interest rate.

 

As a team, it is also important to keep in mind that our volumes continue to allow us to offer clients mortgage interest rates that in many cases are well below other offers in the market place.

 

Please feel to call or email if you have any questions 604 649-5991 or email This email address is being protected from spambots. You need JavaScript enabled to view it.