There has been pressure on lenders to increase mortgage rates for the past couple of months, which they are now implementing today. Many of the key lenders have already announced their increases with others expected to follow throughout the course of the day.
The lowest current rate on a five year fixed is now 5.54% (up from 5.25 previously).
The variable rate remains unchanged at 4.15%. (0.60 below prime)
If you've been waiting for rates to bottom out, it may be time to get off the fence and make your purchase!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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RE/MAX Realty Specialists Inc.
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