What a great day! The sun is shining, birds are singing, and mortgage rates are still a bargain! Yes, we’ve seen the rates slowly go up these past few weeks but no one would imagine that the lowest rates in history would last forever. The best 5 year fixed rate is now 4.29% which, in my opinion, is not bad at all considering past historic rates. Most lenders are offering a variable rate at Prime plus 0.60% but we have a few lenders offering even lower. One has a variable rate at Prime plus 0.35% for their 4 year term and Prime plus 0.40 for their 5 year term. Most economists are predicting that the Prime rate will go up next year so if those of you who like “peace of mind” then the 5 year fixed rate is a good bet.
Here in the Okanagan we are seeing healthy signs of people wanting to buy and anxious to get pre-approved. A pre-approval is a good idea to not only have a rate hold at these low rates for 120 days, at no cost to you, but also gives you an idea what you can afford before you go out to buy. Please feel free to give me a call anytime at 250-762-2070(local) or 1-888-877-3535(for you out-of-towners)for a quick review of your own situation. There is no cost nor obligation to you for this service. Let my 30+ years of mortgage lending experience go to work for you and find you the best deal!