Wednesday, June 10, 2009

Rate are on the rise

Many of the Lenders have raised rates today to catch up with all the activity in the Bond Markets. We have seen a jump of almost 50bps (0.50%) in one day. Some of the Lenders are still hovering around the 3.99% range, but the majority of them are at 4.09% and upwards to 4.49%

There is so much activity, that Lenders are struggling to keep up with the demand of new mortgage applications. They are advising that it could take up to a week to see an application for the first time.

Many new buyers are wanting to lock into a rate, but the Lenders are focusing on REAL DEALS that are ready to be funded with a purchase contract.

So if you are out there shopping around for low mortgage rates. Do not delay as they are changing by the hour and you could lose out on a good rate.

Cal for more details to Centum Pacific Mortgages, 604-609-0333 or walk into our office at 1385 Homer Street, Vancouver, BC, CANADA V6B 5M9 next to Yaletown.

No comments: