Mortgage interest rates have edged up slightly which always triggers a steady stream of questions from SOB.com readers about the reason rates increase and what to do about it. The latest issue of The Bank Of Canada review posed the question Why Do Mortgage Rates Rise Quickly But Fall Like Molasses? The answer may be of interest. Also, Schulich School of Business professor, Moshe Milevsky, offers his advice about what to do in the face of rising interest rates. Some useful insights.
The change to CMHC mortgage rules announced back in January come into effect on March 18th. Ahead of those changes, the Canadian Real Estate Associate, CREA, released a report indicating that sales in Toronto have risen 5.2%. This seems to indicate that buyers are Racing To Beat Tighter Mortgage Rules. Personally, I don’t think that the rule changes are that significant to cause the apparent spike and wouldn’t suggest home buyers rush into the market to beat the rule changes. When you rush mistakes are made. In this article Dianne Nice shares the Worst Mistakes First-Time Home Buyers Make.
That wraps on The Mortgage Radar, a biweekly post I do sharing some interesting and note worthy articles that have come across my desk. If you would like to ask me any questions or to find out more about how you can get me to work on your mortgage please get in touch. I am available and enthusiastic to hear from you. 416.461.0204ext2 or e-mail.