Interest Rate Hikes Begin In Earnest

We all know that interest rates were destined to rise and the warnings have been out for some time now.  The new mortgage rules,  designed to cusion the blow of higher rates, also take effect next week on April 19th. 

Moments ago, I got this email from Michelle Reichart at Invis:

Here is the latest on rate hikes:
Royal Bank of Canada the country’s largest bank, has raised mortgage rates again. The move, which will result in a 0.25 percentage point increase in the cost of a number of fixed rate products that the bank offers, is likely to spark another round of rate hikes among the country’s mortgage lenders.  RBC kicked off one series of hikes a little more than two weeks ago, and most experts said that was the start of a steady rise in mortgage rates.  At that time the cost of a five-year closed rate mortgage from RBC and many of its competitors rose by 0.60 percentage points to 5.85%.

So, there it is.  The climb to higher rates has seemingly started.  If you are thinking of securing a mortgage anytime soon, NOW is the time to get a locked in pre-approval in place.


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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Tuesday, April 13th, 2010 at 2:36 pm and is filed under Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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