Bond yields (which are what fixed mortgage rates are determined by) have been sharply rising trigger yet even more increases to fixed mortgage rates. Many lenders have increased their 5 year fixed to 3.59-3.69%. It is still possible to get a 5 year fixed for as low as 3.09%, however this is only for mortgages closing within 30 days. For up to 120 days, rates can still be had for as low as 3.19-3.29%, however these WILL be increasing. It is just a matter of when. It could be later today, or tomorrow.
If you are looking at refinancing, or have a mortgage coming up for renewal or a home closing soon and you don't have a rate locked in, don't hesitate any further. Make sure you lock in a rate TODAY. If you are shopping for a home, make sure you get a rate locked with a pre-approval if you haven't already done so.
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Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.capaulm@citycan.comLic#10532
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