If you’re reading this post it’s extremely important to not only listen to my link, but read the attached article from Canadian Business on-line below!
A few weeks ago I had the opportunity to speak about current mortgage rates and what a consumer can expect when taking out a mortgage today on our weekly radio spot on Radio Real Estate. I touched on how aggressively priced variable rate products are becoming, and that there is NOW a few BELOW prime options available, something we haven’t seen in quite some time. At the same time it was important to point out that not only are variable products attracting attention in today’s market. With rates being below 4% for all fixed terms up to 5 years a consumer choosing a mortgage in today’s market are guaranteed a GREAT deal.
Prepare for higher rates posted on Canadian Business on-line is a MUST read if taking out a mortgage currently, It clearly states that experts are expecting higher interest rates in the near future..
“Interest rates will rise – it’s just a question of time, it’s not a question of if. And if that’s the case, we have to make sure that when we borrow this money we can afford the same mortgage 200 or 300 basis points higher. That’s the key responsibility now of borrowers and lenders, to make sure that what we do, we do it in a prudent way.”
”But mortgage lenders agree that rates are nearing the bottom and will begin to rise again in 2010.”
I hope you enjoy this post and I welcome your comments!