Here is another perspective and reason for the mortgage rate increases.
We have seen some significant increases to bond yields recently with jumps to over 30 basis points (0.30%). Fixed mortgage rates and bond yields are very closely related, so it is very likely we will see some hikes to fixed mortgage rates very soon (if not Tuesday). RBC has already increased their 5 year fixed mortgage rates by 35 basis points and it is likely that we will see other mortgage lenders following suit.
If you have not yet locked in a mortgage rate then you might want to now and ensure you get the lowest rate possible (which of course also affects the maximum mortgage they qualify for).
Lowest rates as of today:
1 year 2.55%
2 year 2.90%
3 year 3.39%
4 year 3.85%
5 year 3.69% (no rate holds, 30 day quick close)
5 year 3.99% (regular 120 day rate hold)
5 year ARM 2.25% (prime)
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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