Secure Financing Rates NOW, Rates will rise if War continues...

This week in mortgages:

- The bond market had another steady climb last week. Many more lenders have raised their fixed rates. A couple have held on to grab some market share.

- Last Wednesday the Bank of Canada kept prime rate as is, keeping variable rates steady.

5 YEAR RATES (not including low rate specials with restrictions):

Fixed insured 4.09 

Variable insured 3.65 

Fixed conventional 4.39 (+0.05 increase)

Variable conventional 3.85 

Rentals Fixed 4.54

Rentals Variable 4.09

LENDER TURNAROUND TIMES:

2-4 business days for a Conditional Mortgage Commitment, and similar for any back and forth of documents.

NEWS PIECE or TIDBIT:

Bank of Canada made no changes to prime rate this round. The bond market on the other hand has been climbing. On Friday it was just below the peak we reached in November 2024.

It is tough to say where rates will go this year. We may end up seeing a bunch of up and down, with the overall average staying as is.

The nice thing about clients using us as their mortgage broker is we keep an eye on rates for clients even after they have a signed mortgage commitment, so that if rates go down even up to a few weeks before their possession date, we ask the lender for the new lower rate.

Have a great week!

Source: Jim Sicotte 780-719-6888

Owner / Mortgage Specialist 

Polaris Mortgage Planners

jim@polarismortgageplanners.ca

http://themortgageplanners.ca/