RBC announced today that it will increase fixed rates 0.25% effective tomorrow.
Other lenders usually follow within the same week, so keep an eye out for other annoucements.
As the bond yields keep rising so will the fixed rate.
This could be a great time to refinance if you locked in at 3.69% or 4.29% and your current mortgage is sitting at 5% or above as the penalties will decrease with rising rates, which would make the refi worth while.
If you haven’t gotten a rate hold yet, right now is the time, just 2 weeks ago we saw the rates jump from 3.69% to 4.29% – don’t get stuck with a high interest rate!
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