Mortgage broker Kevin Carlson from Regina, Saskatchewan goes over what has been happening with fixed mortgage rates in February of 2021.
During the Covid-19 pandemic, mortgage rates have dropped significantly to well under 2% for new 5 year fixed rate terms. Even though the Bank of Canada is not expecting to increase prime lending rates anytime soon, fixed rates are starting to increase due to the bond market rebounding.
As of Friday February 19th of 2021, fixed rates at many banks and mortgage lenders started to increase. The week following, many other lenders followed suit and made moves upwards.
If you currently have a mortgage that is over 2.5%, there is still time to try to capture a new mortgage rate below 2% to save you thousands in interest in the coming years.
If you are in the market to buy a home in the next few months, it is a good idea to contact your trusted mortgage broker right away to get a mortgage pre-approval and rate hold in place to insulate you from rising fixed rates for the next 120 days.
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Kevin Carlson – Mortgage Broker – FCAA Lic. 315902
DLC – TMF – FCAA Lic. 316454