4 July 2011
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.