Date: October 15, 2024
Category: Blogs,Mortgage Tips & Advice
Let’s talk about current rates
Everyone is expecting rates to decrease, however, lenders have been steadily increasing fixed mortgage rates over the past week. The hikes stem from a surge in bond yields, influenced by unexpected U.S. job growth and rising oil prices. These economic factors led to market instability, forcing banks to adjust rates to safeguard their profit margins. Although bond yields have since stabilized, it remains unclear how long the higher rates will persist.
Key Points:
- Lender Fixed Rate Increase: Fixed mortgage rates have risen due to higher bond yields.
- Bond Yields: Bond yields may ease, potentially lowering rates soon.
- Potential Rate Relief: As bond yields potentially lower, borrowers could see rates come down.
- Adjustable/Variable Rates: Bank of Canada rate decisions could favour variable mortgage holders.
- Rate Lock Advantage: Protect yourself early
Why This Matters :
Locking in your rate up to 120 days before renewal is key in any market. It’s not a tactic; it’s a strategy we implement to protect your interest. This strategy can protect you from sudden rate hikes and ensure you secure the best available rate. If you have a mortgage coming up for renewal between now and March, let’s connect.
As always, I invite you to connect and review your options 📞.
Talk soon,
Ana
Mortgages can be complicated; we are here to help you make “cents” of it.
We focus on Mortgage Solutions, Period!
To learn more connect with Ana Cruz 905.870.0513 or email at ana@askanacruz.ca