RBC started the week off by raising their 5 year posted fixed rate a record 0.60% to 5.85%.
TD followed shortly after with the same. We can expect more to follow as the week progresses.
What should you do?
If you are in a variable rate product and were planning on locking in to a fixed rate, better get in touch with your lender.
If you are renewing an existing mortgage soon, or in the market to buy, contact your mortgage broker and get a 3 or 4 month rate hold. ING offers a great rate hold without a full application so it is a great way to hold a nice rate with little information! Currently ING will hold a 5 year rate of 3.89% for 120 days. This could change anytime so don't wait!
Stay tuned for more rate updates!
Peter_mckinnon@centum.ca
http://www.peterlmckinnon.com
c: 604-506-6789
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