Are Mortgage Rates On The Rise?
Less than a week ago I mentioned a report in which 2 TD economists felt that Mortgage rates could rise soon. Tomorrow TD is increasing some Mortgage rates. With rising rates now may well be a very good time to examine your mortgage options and the effect of Floating Rate VS Fixed Rate Mortgages on your mortgage payments. Examine the effect rising rates may have on your comfort level or your ability to pay.
According to an article put out today by Canwest News Service (October 12, 2009) they just might well be. While rates remain unchanged for some mortgages effective tomorrow Wed Oct 14th TD is raising rates on fixed mortgages with the 5 year posted rate increasing 0.29% to 5.84%.
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Kathy Clulow Sales Representative RE/MAX All-Stars Realty Inc.. Brokerage 905.852.6143
Each office independently owned and operated Not intended to solicit clients already under contract
Rates are incredible right now, and I assume your rates will be under the same pressures to go higher in the coming months.
I'm getting a little nervous about the rates. I have a great variable rate, which I've had for a long, long time ... and they've already increased the rate on my home equity line of credit ... so I guess soon, the mortgage rates will follow. I am a big believer in variable rates, though. Not sure I will lock in just yet.
Gheesh wish they would make up their minds Kathy thought a few weeks ago they said rates would be stable for awhile. Didn't know they meant hours!
Ellen - The signs are there another bank has also raised their rates
Sylvie - I hear you as I am also a gret believer in variable rates its just that some people may be uncomfortable with their payments if rates rise.
Al and Peggy - there is stable and then there is stable ... if this increase is cause for concern for some then perhaps they were to tight to begin with
Kathy - I'm starting to get messages from some lenders that they are increasing their rates.
Marc - indeed the trend is set ... hopefully for for those with money in the bank savings rates will also rise ... I see a potential money grab here by some institutions
Kathy,
The rise in the dollar yesterday, combined with the comments of the Prime Minister would suggest that the prime rate will stay stable or even go down. But, since they are so low now, they are likely to just stay.
So, while some banks may increase their rates, I think that others will try to stay firm.
Brian
Brian - on the one hand I hope you are correct (for mortage rates) but on the other hand there are many who hope you are wrong (those with money earning next to nothing)
Since I don't have any money, I'd rather have very low interest rates. :)
Sylvie - I hear you ... but you are not alone.
LOL Kathy.... I wish I could win the huge lottery, and I'd definitely help those that are keeping me company. :)
Sylvie - the odds are against that ... Barrie figures the odds of him winning are about the same if he buys a ticket as when he does not.