Prepare for interest rate increases in 45 days due to CMHC increased premiums.

It’s Sunday and I just finished the chore of cleaning the bathrooms. I’m heading next to the elliptical machine to burn some shame before I line up a couple Field House beers this afternoon and watch golf ūüôā

I’m¬†blogging this morning after a busy start to our mortgage business in 2017. The first 4 weeks were more active then I expected, and I was optimistic coming into the year that our mortgage brokers were in for a busy Spring to begin with.

So before I go and listen to some embarrassing high energy Pop Music¬†radio station on my phone I thought first I’d share some interest rate info I received at our broker meeting this past week. The big wigs at the different banks have now had time to read through and understand all the rule changes we have endured recently. They have determined that the next set of rule changes set to be implemented in the middle of March are no doubt going to lead banks to¬†increased fixed interest rates as a result of more new expenses being¬†passed along to our borrowers.

We got this exact same type of information late last year regarding increased expenses¬†and saw our 5 year fixed mortgage rates increase from an average low of 2.39% to 2.44% in October to an average low of 2.69% to 2.74%¬†the next month¬†– That all happened¬†very quickly¬†essentially and I regret not helping more people lock in their mortgage rates last November. Well I’m not going to let that happen again so this time I’m announcing this change ahead of time and I will be calling as many people as I can in February before the March 17th deadline.

Now these rate increases are not written in stone yet but getting a rate hold is free so call now and avoid paying 3.09% to 3.19% or more on 5 year fixed mortgages rates.

 

By Referral Mortgage Consultants*

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Dave  604 897 2741 Jordi 604 615 1312 www.AbbotsfordsMortgageBroker.com

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*By Referral Mortgage Consultants Рdoing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages.

 

 

 

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