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Originally Posted by Izzle
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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