The case for locking in your mortgage
Many Canadians are responding to reports of rising mortgage rates by locking in for 5 or 10 year terms. Here's why many are locking in now.
Mortgage rates have been at historic lows for a long time now, so it was no surprise this week when major lenders started to announce increases. While the increases aren't colossal, they seem to be sending the signal to Canadians that now is the time to lock in their mortgages for a longer term.
While there will always be economists willing to argue either side, it's hard to dispute that compared to historical mortgage rates, today's rates are desirable. It is recommended to consult an Ottawa Mortgage Broker to talk about the many options available to Canadians who are renewing, refinancing or applying for a first mortgage.