8 February 2011
Banks started raising fixed rates
Because of another 5-year yields hike some lenders started raising 5-year fixed mortgage rates by 0.25%.
There are also the so-called “special offers” with 4.39% rate, while 5-year posted rate rose to 5.44%. It’s quite possible that the market’s deeply-discounted 5-year fixed rates will soon vary from 3.99% to 4.09%.
In addition to it, other banks are also expected to follow this tendency. The last time the Big 5 banks raised rates was on December 15, but the posted rates were left unchanged. It means this time the qualification rate may go up on Monday.
It should be noted that some lenders still offer lower fixed rates, but not for long. That’s why if you want to get a low fixed rate, please, consult your mortgage broker and get a pre-approval.