Hold onto your hats, rates are rising again tonight at midnight.
Several Banks and other mortgage lenders have anounced another increase in the 5 year fixed term.
Most companies will charge 3.19% for a 5 year mortgage tomorrow.
Thats why I preach pre approval all the time.
2 weeks ago we had 5 year money at several lenders prices at 2.89% and a rate guaranteed for 120 days.
On an average mortgage in Burlington, this increase of 30 bps can cost up to $75.00 a month.
Hopefulyl the Bond market will settle down and allow competition amongst the banks to draw the rate below 3% again.
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