Rock Bottom Fixed Rates are OVER :(
Ben Schmidt of www.benschmidt.tv a Fredericton, NB and Oromocto, NB realtor video blogs about the increase to the fixed mortgages rate.
Well it's official. The rock bottom prices for mortgage rates has ended. Rates are still great and are back to about a year and a half to two year's ago. Roughly 5.5 posted rate depending on your lender. Contact your lender to find out what you're approved for.
If you haven't been pre-approved, it is highly advised that you do so immediately. You don't know when they plan on increasing them again. This spike was unexpected and many were caught off guard.
If you have been pre-approved and have 90-60-30 days left on your pre-approval make sure you are getting into homes the evening they come out. Some of the accurately priced homes are getting sold within 24 hours. Watch tomorrow's blog to hear all about it.
If you have any questions give me an email at ben.schmidt@me.com or leave your comments here.