Back to Blogging – What’s with the rates:

 

I know it has been awhile since the last blog post and I do apologize for that but with the expansion of our family and the increase in business being voted “Readers’ Choice” Best Independent Mortgage Broker in The Georgia Straight Best of Vancouver 2009 something had to give and it was my weekly blog.
So what is going on with Rates?

Mortgage Rates are still very low and it is a great time to get into the market or look at refinancing. With that said, you need to make sure you are using a professional since rates will be going up you need to make sure you can afford it now but also in the future. There is a chance that in 5 years the mortgage rate will be 2-2.5% higher.
CIBC economist, Benjamin Tal, says: “Even if you lock in a five-year mortgage rate, you have to realize that five years from now, they will be significantly higher…”
This needs to be a consideration when looking at taking on a mortgage.