Posts
Over the past few weeks, there have
been many offerings of 4 and 5 year fixed mortgage rates at 2.99%. A
rate war that was started by BMO a few weeks ago when they announced
their 'special' 5 year fixed at 2.99%. Many other lenders followed suit
with a 4 year fixed at the same rate, but with less restrictions.
However this rate war will be over as of midnight tonight.
This
special 2.99% 5 year fixed was a 'sale price' offered by BMO that ends
today. As the BMO rate ends today, so do all the other rate specials.
The regular 'market' 5 year fixed rate right now is 3.39%.
However,
the end of these mortgage 'sales' isn't the only change being made to
fixed mortgage rates. Due to rising bond yields, which is what
determines fixed mortgage rates, there has been upward pressure on rates
over the past few weeks. Not only are the rate specials ending, but the
market rates are increasing as well. The 3.39% 'market' rate will be
going up to 3.59% with most lenders effective tomorrow.
For
anyone looking for a mortgage, whether it be on a purchase of a new
home, refinancing, or renewing your current mortgage, make sure you get
your rate locked in today before the increases take place tomorrow.
