4 July 2011

Fixed Mortgage Rates are edging up

Last week run in bond yields is slowly transforming into higher fixed
rates. Royal Bank has increased its posted 5yrs by 0.15% to 5.54% (in
effect tomorrow, July 05). If other Big 5 will follow the RBC lead than
Mortgage Qualifying Rate (MQR) will be 5.54% starting Monday, July 11.
MQR is used to qualify insured variable mortgages and fixed mortgages
with term less than 5 years.

Some lenders are starting to withdraw their Special Quick Close offers, so if you need best fixed rate or feel that you are tight on ratios – don’t wait and talk to Mortgage Broker today.

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