Cut the risk - What will interest rates do next

By Scott Tremblay on Thursday, April 26, 2018
Category:

The general consensus is that we will see a rising interest rate trend in 2018.  The economy in the early part of 2018 was not as strong as expected, but most economists feel it will improve throughout 2018.  The question seems to be not so much will the interest rates rise, but moreso, how much will they rise.

Tipps:  If you are thinking of getting into home ownership this spring/summer i would recommend that you get into a mortgage broker where they can freeze the interest rates, allowing you 120 days to get into a home without being impacted if rates do rise.

Also, if you have a mortgage coming up for renewal in the next 4 months, I would recommend contacting a mortgage broker.  You can freeze a renewal rate 4 months ahead of you renewal date which may save you some money if rates are rising prior to your renewal date.

Lastly, again with mortgage renwals, the banks have been reluctant to share their best rates with even their best clients at renewal choosing to try make larger profits on the consumer who does not question the rate.  They seem this spring to be ok to let go of a consumer who is willing to shop with a mortgage broker for a better rate.

What this means is it may pay to make that one phone call.  Let the mortgage broker take it from there.

take care,

Scott

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