It has been confirmed interest rates WILL start to rise in the near future. We all knew this was coming; rates both fixed and variable have been at record lows for so long they are now finally starting to swing upward.
“Royal Bank, TD Canada Trust and Laurentian Bank announced Monday they are raising rates they charge on certain fixed mortgages, including the benchmark five-year mortgage, which will jump 60 basis points to 5.85 per cent effective Tuesday (Vancouver sun)”
This can have a major impact on a mortgage, now is the perfect time get preapproved. Lock yourself into a rate for up to 120 days and guarantee yourself the security of today’s rates, tomorrow.
The Spring Real Estate market is in full swing and there has never been a better time to get into the market or move up.
Click here for a copy of a Vancouver Sun article from March 29, 2009 with more information on rising interest rates.
As always, for all your Vancouver Real Estate needs pelase don't hesitate to contact me.
Century 21 In Town Realty