Mortgage Blog

Pressure on the bond market continues to put pressure on rates.  Looks like we are going to see another round of fixed rate increases by the end of this week. 

RATES:  Here is an update on the rates:

1. Bank of Canada: on  January 26th the Bank of Canada held rates steady but warned of increases coming.  Experts are anticipating 3-5 increases in 2022.  Typically rates change by .25% at a time.  Next meeting is March 2nd.
2. Variable Rates:   Any increase in the Bank Rate will increase the rate on both variable rate and secure lines of credit terms.   We have also seen a decrease in the discount below prime offered as the spread between long term fixed rates and variable rates widens.  Current best high ratio variable is at 1.25% and uninsured at 1.40%.
3. Fixed Rates: Fixed rates continue to climb.  Today's high ratio rate is as low as 2.59% and uninsured at 2.89%.  

Please touch base with us on any financial/mortgage related questions you may have. We have over 30 years worth of experience to share.

Take Care,

Pat