November 15, 2016
Interest Rate increases are coming fast and furious from all lender this week, including Major Banks and Monoline lender.
In the article below, RBC has taken a position where fixed rates for 5 years are as high as 2.94% and apparently if you want a 30 year amortization, there will be an additional premium on interest rates.
This is a very aggressive change and there will likely be more to come.
At this point, TD has increased fixed rates, nothing yet from Scotiabank.
Most important to note, lower rates in the 2.49-2.59% range are still out there for conventional deals, (20% down payment or more) and for insured (lower down payment 5-20%), rates are still as low as 2.24% (must close by December 31).
Vancouver real estate buyers need to have a proper pre-approval as the market is in constant movement.
Looking for an experienced mortgage broker?
Jeff Fraser | Mortgage Advisor | Dominion Lending Centres – A Better Way
604-340-1809 Email. [email protected]