Tuesday, November 17, 2015
Mortgage rates increasing again ...
There have been quite a few increases in mortgage rates over the last month and they are set to rise again.
With 5 year fixed rates as low as 2.49% this summer, we see some lenders now edging into the 2.84% range as per TD Canada Trust’s latest rate update, as an example.
For a 5 year variable, as low as 1.80% could be achieved this summer and now some lenders are offering a 2.40% as per Scotiabank’s latest rate update, as an example.
With this, now is the time to buy! A rate increase of just 0.2% on a 5 year term, $250,000 mortgage will mean an extra $2,258.52 in interest paid.