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Buyer's Beware... What's Up With Those Mortgage Rates?

By
Real Estate Sales Representative with RE/MAX West Realty Inc., Brokerage

Brampton, ON, Canada

Buyer's take notice, have you missed the best opportunity to secure the lowest mortgage rates in over 50 years.  We received the message below and wanted you to take a look.  

Paul Meredith
CityCan Financial  

With bond yields having been on the rise since the beginning of April, there has been continued upward pressure on fixed mortgage rates.   Bond yields are up 0.21 yesterday which was a HUGE jump and it is up 0.57 from four weeks ago.  

This also happened on a day where the TSX was down 143.76 points and usually when the stock market is down, so are the bond yields, but yesterday, they went the opposite direction.  

One 'A' lender put their rates up to 4.29% yesterday, and we will likely see other lenders also putting their rates up later today or tomorrow.  

If you are currently thinking of purchasing a home, please make sure you get a rate locked in ASAP to ensure you get the lowest rate possible.   

The variable rate however, has dropped to prime + 0.4% or 2.65%. 

If you need some help, please do not hesitate to give us a call.  

Al and Peggy Cunningham, Brokers
RE/MAX Realty Services Inc.
905-456-1000
http://www.TheHousePeople.com

 

Comments (5)

Roy Kelley
Retired - Gaithersburg, MD

Buyers should carefully check the details of their pre-approvals. It is easy to miss points and origination fees that appear with rising rates.

Follow me on Twitter: http://twitter.com/roykelley

May 31, 2009 01:20 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

We had a couple of brokers who were advertising 3.83% and 3.87% a few months ago, but everyone now is in the mid 4's.

Jun 04, 2009 06:53 PM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

You are absolutely right Roy!

Yours sound similiar to ours too now, Jim...good rates, should be booming....except of course for the job situation......... 

Jun 05, 2009 02:18 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Mortgage rates have been steadily rising down this way with some even reaching into the low 5's now after having been in the high 3's and very low 4's just six months ago. With sales up for ten consecutive months and prices flat or up for four consecutive months, the bottom might be in the past.

Jun 12, 2009 10:19 PM
Al & Peggy Cunningham, Brokers
RE/MAX West Realty Inc., Brokerage - Brampton, ON
Our Family Wants To Help Your Family!

Oh, Russel we hope you are right.  We have had a much more movement these past few months so we see. Thanks for stopping by!

Jun 13, 2009 12:25 AM