Mortgage rates are always a hot topic of conversation, especially when they are on the move. As fixed mortgage rates have increased by more than 2% since September 2021, the topic is now hotter than ever. The rapidly increasing rates are leading many to start looking for fixed mortgage rates exclusively. But this can be [...]
With real estate prices as high as they are, qualifying for the required mortgage can be challenging for many people. One advantage to using a mortgage broker is that we have options with big banks, as well as many other mortgage lenders. Some with more flexible guidelines that may allow you to qualify for a [...]
There are many things to consider when choosing between a fixed or variable rate mortgage. As of recently, you can add the mortgage amount you qualify for to that list. This is something that is relatively new. For the past several years, your choice of mortgage product would not have an impact on your [...]
The Bank of Canada has hiked their key policy rate by 0.75% since March 2nd, which resulted in immediate rate increases for anyone currently in, or considering a variable rate mortgage. They are not going to stop there and increases of an additional 1.00% - 2.00% are expected over the next year. This would bring [...]
One of the most common mortgage questions is whether to go with a fixed or a variable rate. Some mortgage professionals will advise to always go variable, however, this is not the best choice for everyone. While variable rate mortgages have historically outperformed fixed from a cost savings perspective, there are many people who are [...]
Whenever there is talk about the Bank of Canada increasing rates, many start to wonder if they should convert their variable rate mortgage into a fixed. Some will automatically fear the worst which can lead to panic resulting in them making a move that they might later regret. “My neighbour told me rates are going [...]
The Bank of Canada announced this morning that they are increasing their key policy rate by 0.50% which will bring it to 1.00%. This is the rate that mortgage lenders use to set their prime rate, which will now increase to 3.20%. The last time the BOC increased their rate by more than the typical [...]
The next rate announcement from the Bank of Canada is scheduled for April 13th. Many will be watching closely to see if they will be increasing their key policy rate for the second time this year. This is the rate that mortgage lenders use to set their prime rates, which is of most interest to [...]
Out of everything we can control in our lives, rising mortgage rates are not one of them. We do however have control over how we respond to them. Sure, you could sit back and ride out the storm. But there might be actions you can take to minimize the effect of the increases and therefore [...]
Upward pressure on fixed mortgage rates continues into this week. While the Bank of Canada has eight scheduled rate announcements per year (which determines prime rate), fixed and variable rate discounts can change at any time. When fixed rates change, they can change quickly. Below is an example of recent rates for 5 year fixed [...]
