Fixed rates and variable rates follow different economic indicators, fixed rates are based on the bond market and this is were we are presently seeing notable increases. The Bank of Canada is watching the housing market closely. While they don’t intend to raise the rates, it is important to make your decisions with caution, as the circumstances change.

Bottom Line.

It’s time to lock-in mortgage rates. For those in the market, pre-approvals are prudent. Rising rates will likely trigger more housing activity in the near-term. This is because those thinking of buying might move off the sidelines pushing prices higher.

If you are shopping for a home?

Get a full pre-approval  (verification of credit, income and down payment) and stay in communication with your provider on your progress. Rates holds ranges from 90-120 days and some specials are only available for LIVE purchases with an accepted offer in place within the time frame of your pre-app.

If you have a renewal upcoming in the next year?

Time to secure an option, in the event rates continue to rise it may be better to renew early.

If you have debt outside your mortgage?

Such as credit cards, lines of credit or loans or require funds for a renovation, its prudent to review if you qualify to include that into a new mortgage to save money monthly and improve your cashflow to grow your wealth while rates are still very low.

With the dollar moving to a near 3-year high, we see places where this indication is present. The surge in interest rates would undoubtedly stall or reverse if a third wave of new variant COVID-19 cases occur. However, there is enough monetary and fiscal stimulus in global markets. A rise in interest rates will not be far especially with sustained rallying oil prices.

We’re here for you!

If you or a loved one have mortgage questions, a mortgage renewal upcoming, or need access to your equity, please reach out to us directly by reaching out by calling 604-802-3983 or via e-mail at hello@countoncalla.ca and we are happy to help.

For more information on this, please follow this link to Dr. Sherry Cooper’s site.

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

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