** Fixed Mortgage Rates on RISE

[Darkane]

What did the rates rise to?

Thanks

[never]

This quote is hidden because you are ignoring this member. Show Quote

98% of the time the answer is "never".

Thanks!

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

What did the rates rise to?

Thanks

My apologies, missed your question. I've linked the updated rates https://forums.beyond.ca/threads/378...ates-and-FAQ-s

- - - Updated - - -

Pressure on rates continue... with the US uncertainty and fear of inflation. The bond market had settled in the early part of the week down to 0.80% but has risen this morning to 0.94%.

If you are planning a renewal, purchase, let us know if we can assist.

5 Year Bond Yield

[sabad66]

Hey question for you, Tim if you have a moment

Is it pretty standard that lenders don’t let you add your mortgage-break penalty back onto your new mortgage? Or does it depend on the lender?

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

This is the way

This quote is hidden because you are ignoring this member. Show Quote

98% of the time the answer is "never". The other 2% of the time, the answer is "too late".

This quote is hidden because you are ignoring this member. Show Quote

Hey question for you, Tim if you have a moment

Is it pretty standard that lenders don’t let you add your mortgage-break penalty back onto your new mortgage? Or does it depend on the lender?

If you are switching lenders, they typically allow you to cap up to $3,000 of penalties and fees... anything over that is paid out of pocket. If there is equity, you can refinance and include penalties. If you are trying to do this with your current lender not all will blend, include the penalty... some will offer you a slightly higher rate than what you could get so they can recover the penalty amount (it is like a cashback to cover the penalty). --- short answer it does depend on your lender and your situation to your options.

[sabad66]

I see, thanks for the info. I'm in a Valuflex with MCAP where you can't break mortgage unless you sell home, but they said the only exception to allowing you to break it is if you move into a new 5y valuflex and pay the penalty. In my case it's something like 24k and they wouldn't allow me to add any of it to the mortgage (but they did offer 10% off). Tough to come up with 22k on a whim like that so would have been nice if they could just add it on. Oh well, means i'm stuck in my mortgage for another 2.5 years.

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

I see, thanks for the info. I'm in a Valuflex with MCAP where you can't break mortgage unless you sell home, but they said the only exception to allowing you to break it is if you move into a new 5y valuflex and pay the penalty. In my case it's something like 24k and they wouldn't allow me to add any of it to the mortgage (but they did offer 10% off). Tough to come up with 22k on a whim like that so would have been nice if they could just add it on. Oh well, means i'm stuck in my mortgage for another 2.5 years.

You could add it if you have equity. There is a refinance option up to 80% but it depends on your equity. Feel free to call if you would like more info... 403-479-0066

[TimLacroix]

TGIF -- 5 Year Bond Yield is up again today. Rates have risen twice in past 2-3 weeks. Approx 0.50% with 5 year fixed.

Variable continues to be attractive again with rates rising and with potential for more depending on what happens with the bond market next week.

[TimLacroix]

Happy Easter Monday everyone...

FYI - more pressure for fixed rates to rise.

5 Year Bond Yield

[TimLacroix]

*** More fixed rate increases coming ASAP! Rates have slightly increased in past 2-weeks... and we will see more rate increases this week or next week as bond market has being increasing since last week. ***

Please reach out if you have any financing needs in the next 120 days.

NOTE- the 5 Year Bond Yield is up today as well... which could indicate more increases next week.

[TimLacroix]

*** UPDATE Oct 28 --- More fixed rate increases coming ASAP! Rates have slightly increased in past 3-weeks... and we will see more rate increases this week or next week as bond market has being increasing! ***

Please reach out if you have any financing needs in the next 120 days.

NOTE- the 5 Year Bond Yield is up more after Bank of Canada announcement yesterday.