Interest rates are set to rise today with one major bank already announcing a 0.6% increase in their 5 year fixed rates. There are also moderate increases in the 3 & 4 year fixed rates.
If you are considering purchasing in the near future, it would be wise to secure a rate hold before all of the lenders have followed suit. Generally rate holds last anywhere from 90-120 days and as long as the client takes possession of the new home within that time frame, the original, low rate hold is honored.
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