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Time to lock in your mortgage rate
If you’re refinancing or are about to renew your mortgage, you’ll want to do it now, because experts are predicting increases are about to happen.
This CTV News article explains why we could see rates rise:
Many believe the first federal funds rate hike of 2017 is poised to happen in the U.S. due to improving U.S. economic data, a more stable global economy and a booming U.S. stock market.
Canada will undoubtedly feel the impact as our bond prices typically fall when the U.S. Federal Reserve raises rates.
As bond prices fall, banks tighten their lending, and mortgage rates rise.
Meanwhile, the Bank of Canada held its benchmark interest rate steady at 0.5 percent again on March 1, citing uncertainties on the economic outlook. This all means that Canadians should expect mortgage rates to rise in 2017 as the Bank of Canada aims to keep borrowing historically cheap.
Thanks for reading! If you want to read the entire article, please download the attached PDF file with highlighted points-of-interest HERE