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Old 01-06-2016, 01:40 PM   #3
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB
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Originally Posted by Izzle View Post
Best place as any.

RBC to increase mortgage rates on Friday :https://ca.finance.yahoo.com/news/ro...120631985.html

If that is the case, will other banks raise their mortgage rates? Does this mean, I have till Thursday to lock in at current low rates?

Thanks
You are correct. RBC is raising rates for Friday.

As for other lenders, it is quite possible. Even though the 5 year bond yield has dropped... the borrowing costs have increased over the past couple of months.

This is leading to increase in fixed rates and shrinking of variable rate discounts. There are still some great deals out there... but how long will they be around is a bit of a guess.

Based on your comments, it sounds like you are in a variable rate mortgage? Not sure that you need to lock in as BoC is not increasing rates. The Prime rate that your variable rate is based on is not changing... just fixed rates and the discounts offered on new variable rate mortgages.

If you would like to spend a couple of minutes on the phone, I can understand your thoughts and provide some feedback and possibly strategies.
~Tim
403-648-1541
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Thanks,
Tim Lacroix | 403-648-1541
Mortgage. Made Easy Experts
Mortgage Connect
www.TimLacroix.com

If you have any questions please feel free to PM me or email forums@timlacroix.com

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