Most major lenders increased their fixed rates this week by as much as ¼%. While this is an increase there is still no need to panic as fixed rates are still near all-time record lows.
We still have 5 year fixed rates as low as 2.35% for high ratio mortgages (less than 20% down) and 2.39% for mortgages with 20% down or more. Most of the major banks have increased their 5 year fixed rates to a minimum of 2.6% or more.
Rates move up and down constantly and there is no indication as of yet that rates will continue to rise.
With regards to the Prime lending rate for variable rate mortgages this has not changed at all and is not projected to change at all in the near future. The Prime rate currently sits at 2.70% (except for TD Bank which has elected to raise their Prime to 2.85%) and our best variable rate hovers around 2.15%.
If you have a variable rate mortgage in the low 2.00% range it may be best to continue with the variable for now as there is no indication that it will increase any time soon.
If you have any questions regarding your own personal situation please contact our office.
For more information on our mortgage products please visit our website at www.ymscanada.ca.