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Rates rise for the 3rd time in a month

RBC led the way again today, announcing another rate increase of 0.15% across the board. This is the 3rd rate increase in a month and now totals over one full percentage point on many terms.

Expect all other lenders to follow in the next few days. If you are in the market to buy, renew, or refinance it is now more important to book a rate more than ever. A month ago, many qualified clients were able to get a 5 year fixed rate term around the 3.69% mark. Today, it is around 4.50% and with this latest increase it will be even higher once all the changes take place.

These rate increases, along with the recent mortgage rule changes, is quickly eroding the amounts that borrowers are able to get.

Is this effecting you? Changing your mind about buying?

Comments and feedback are welcome.

Wayne Mah, Senior Mortgage Planner, The Mortgage Centre 604.880.1899 / mah.w@mortgagecentre.com