Get your pre-approvals in

Rates are hiking up as we anticipated. We faxed out our rate sheets last week to our realtors with this prediction!

The rate increase first began with RBC on the 5 year fixed rate and now TD Canada Trust has followed. History is always the best predictor of the future....when RBC and TD Canada Trust increase rates, so do most of the major banks.

What does this mean for you? Get your pre-approvals in asap. Given that, according to Bloomberg, "the 5-year yield soared to a 13-month high on Monday, closing at 1.63% ", which equates to a half percentage jump in less than a month, it's likely rates will continue to inch up throughout the summer on the 5 year fixed..

What the heck is the 5-year yield? It's the interest rate that raises lenders’ fixed-rate funding costs, which usually means passed on costs to borrowers.

We've been in our offices around the clock assisting our clients - feel free to contact us anytime.

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Rita Matthews & Bob Hanscom