Quick note about mortgage rates

In light of the fact that bond yields have surged by as much as 35bp over the past 3 weeks or so, some lenders have decided to raise their interest rates. The increases are effective as of tonight (Friday) but some are holding out until early next week.

My suggestion is if you’re in the market for a fixed rate mortgage and your closing is coming up soon, have your Mortgage Adviser secure a rate hold over the next 2 business days. So far, only discounted rates are affected but posted rates may increase as well come next week.

We may also see lenders withdraw some of their quick-close (30 to 60 days) promotional rates.

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