Fixed Rate Mortgage Rates on the rise....

After fixed rate mortgage interest rates dropped this spring down to as low as 2.79% for a 5 year fixed rate, and 3.69% for 10 years, rates began moving up this summer. While it is not expected that the uptick in rates (0.7% in 3 months)is expected to continue at its current pace, it does appear that the cost of owning a mortgage is about to start going up. While the increase in rates is likely to cool the housing market slightly(as those who were on the fringes of affordability are squeezed out of the market), fixed rate mortgage interest rates remain well below their historical averages. If you're possibly in the market for purchasing a home, or if you have a mortgage renewal or refinance coming up this might be the time to speak with a mortgage broker and get yourself a Rate Hold. What is a Rate Hold you ask? A Mortgage Rate Hold is a product offered by many financial institutions across the country, that locks in a rate for pre-qualified customers for a period of time -regardless of what happens to rates. Many of the Rate Holds offered by the mortgage brokers are Alberta Mortgage provide prospective mortgagors with between 60-120 days of interest rate security. Rate holds provide stability to those in the market for home financing. For more information regarding Rate Holds, or to get pre-qualified, call one of the qualified mortgage associates at Alberta Mortgage at 780-479-2222 or Visit: Alberta Mortgage Centre today