After seeing mortgage rates increase for about a month due to market conditions they started coming back down in the last few weeks.
With the onset of Covid-19, investors and lenders became nervous and the money supply tightened forcing rates to increase. In fact, we saw rates increase over ½% in the first few weeks of April. Now in the last few weeks things have settled down somewhat and rates have now reversed course.
Also, there is less business out there this spring for lenders as purchases have dropped fairly significantly. We are therefore seeing more discounts now as banks compete for a bigger share of a smaller pie.
In terms of rates the best rates are available for purchases with less than 20% down. From there, rates can fluctuate significantly with different rates for purchases with 20% down, refinances and renewals. If you are looking for a quote its best to contact us as every lender has different rate scenarios for all of these options.
WE ARE OPEN! Please note while many banks have closed branches or reduced hours we are still here to serve you and are operating at full capacity.
If you need more information regarding mortgages or if you need any advice on your personal situation please contact our office at 604-556-3893 or email at alex.kotai@ymscanada.ca.
For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.