Last Friday one of our lenders announced they were raising rates. Given the more positive economic signals we have been hearing about in the media, I assumed we had turned the corner and expected to see other lenders follow with rate increases of their own.
Turns out the only reason this lender increased rates was that they were swamped and couldn't keep up with the volume of applications. The fact is, mortgage rates continue to fall.
This evening I received an email from one of our lenders; they are offering a 5 yr fixed rate of 3.69% on deals closing by May 29th.
Though rates are still dropping, my sense is that real estate has hit the bottom and there is no better time to get into the market. Anyone in this business knows that the market is heating up and despite wider economic issues, we have a very strong real estate market in the GTA.
If you want a great rate for your customer AND excellent mortgage service give me a call. I can be reached anytime at 416 876 2031, promise to return phone calls promptly and will be sure to keep you in the loop.