Have received updates from 2 lenders this week that have moved their 5 year fixed interest rates up by 10 basis points. Is this the start of the uptrend? Could be.....
The lenders in question are non bank institutions that were discounted from many of the bank rates so when they go up they are just coming into the range where many of our lenders have always been, in the 3.79 - 3.99% range.
If you are currently in a variable, especially prime plus, product and your not in a gambling mood, you may consider locking in to your lenders current rate.
If you are currently looking at a renewal or new purchase in the next 3 months you should contact your mortgage broker and get a preapproval in place to protect the rate, just in case.
REMEMBER .....Just because you're preapproved doesn't mean you have to go with that lender.
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