Just 1 week ago, the vast majority of prime mortgage lenders in Canada raised their fixed mortgage interest rates for 3-5 year closed term mortgages. It appears that rates are again set to be increased. Canada's largest bank, RBC has just issued a press release confirming that the bank will be increasing its fixed interest rates by an additional 0.25%, effective Wednesday April 14th. While it is unclear as to whether RBC's competitors will similarly increase their rates for the second time in 10 days --it is clear that financial institutions are looking to increase fixed mortgage interest rates.
If you are looking to be in the market for purchasing a home sometime within the next 3-4 months, it may be a good time to contact a mortgage broker and secure a rate hold --thus protecting yourself from further increases in rates.
For more information regarding interest rates, or to get prequalified, contact one of the qualified mortgage professionals at Alberta Mortgage @ 780-479-2222 or Apply Online @ http://www.albertamortgagecentre.com.
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