Thursday, June 11, 2009

Mississauga Real Estate and GTA mortgage Interest rates on the rise

As many have been predicting in past few weeks, interest rates are now on the rise.

While it is still possible to get a 5 year fixed rate at 3.99, it's days (or even hours) are numbered. The 3.99 rate is for firm purchases only and there are no rate holds or pre-approvals.

The lowest rate I have seen for pre-approval at right now is 4.09%, and as with the 3.99 rate, it's time is very limited and very well may be gone by the end of the day today.

With rates on the rise, this creates a tremendous opportunity for buyers sitting on the fence to make that purchase.
With rates going up, you will want to purchase now before the rates get any higher.
Many lenders have already put their five year rates up to 4.49%, and I expect the rest to follow. Some are hanging on to the lower rates for a little longer to gain the extra business by sacrificing profit margin, but they will be putting their rates up soon.

Today's lowest rates:

1 year fixed 2.80
2 year fixed 2.95
3 year fixed 3.15
4 year fixed 3.79
5 year fixed 3.99 (30 day quick close)
5 year fixed 4.09 (standard)
5 year variable 2.65% (prime + 0.40%)

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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