Thursday, October 8, 2009

First rumours of interest rate hikes surfacing

With Australia raising their interest rates, and the broader economic picture in Canada on the cusp of recovery, the first hints are coming down the pipe that the bank of Canada may not hold to its prediction that the overnight rate stay at 0.25% until mid 2010.

What does this mean to you?

If you're thinking of buying in the next 2-3 months, get to your lender and get yourself a "rate guarantee." This will give you a certain amount of time to act while still getting today's rates. Typically up to 90 days.

If you're thinking of selling shortly, get going. As you will see by viewing my blog, we are actually approaching a sellers market at the moment, with supplies dwindling and the cost to borrow remaining historically low, now is the time to get top dollar for your home.

If you're staying put in your home, consider speaking to your mortgage specialist today to explore your options in terms of re-financing to get that great rate, or fixing your variable rate mortgage to avoid the inevitable interest rate uptick.

Good luck, and call me if you have any questions!

Ben Sage, Sales Representative
Re/MAX a-b Realty LTD
Brokerage: 519.536.7535 ext 487

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