Hey, so looks like the Bank of Canada has given us their own Valentine's Day present.... and it is not flowers or a box of chocolates in a heart shaped box.
The Bank of Canada has raised the benchmark rate from 5.19% to 5.44%. What this means for you? is that any mortgage that is not of a 5 year fixed term will be qualified at the 5.44%! This on the tail coat of the new amortization changes, heloc, and refinance changes that are coming into affect March and April; will make it harder for some people to qualify for their home purchases or refinances. Not to mention that rates are again on the rise! With 4.04% being the new awesome rate to get your claws into.
Really what this means... is get your pre approvals NOW!
The Bank of Canada has raised the benchmark rate from 5.19% to 5.44%. What this means for you? is that any mortgage that is not of a 5 year fixed term will be qualified at the 5.44%! This on the tail coat of the new amortization changes, heloc, and refinance changes that are coming into affect March and April; will make it harder for some people to qualify for their home purchases or refinances. Not to mention that rates are again on the rise! With 4.04% being the new awesome rate to get your claws into.
Really what this means... is get your pre approvals NOW!
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