What are interest rates going to do ?
In my role as a real estate broker
and also being a partner in a mortgage brokerage
, people ask the same two questions when I am out and about : "How's the market?" and "What's going to happen with interest rates?"
Well the real estate market always depends on what market you are in. Buying a home under $200,000 in a great family neighbourhood in PEI might be more of a sellers market than if you are buying in an executive area over $400,000.
Each market segment is different and if you are interested in more detailed information...make sure you discuss with someone who knows. We can help in that department by contacting me
and I can refer a great real estate agent that has knowledge about your market.
With interest rates..it is somewhat black or white. Rates are given to us from our lenders and although there can be various fluctuations between lenders they are somewhat the same. If we could predict whether rates will raise or fall and by how much we might put those powers to better use of picking lottery numbers.
Rates have gone up a bit in the past few weeks and some indicators show that they may continue to inch up a bit over the next year. Some things that people may not realize that if you are thinking of getting a mortgage you can meet with one of our agents and get a "rate hold". That means you can get approved under todays best rate and if within a set time (90 days for instance) the rates go up and you have a need for the mortgage...you will be guaranteed that rate that has been held for you. If rates go down, you will get the lower rate.
Either way it is good for you ! What do you have to lose ?
We pride ourselves in taking the time to work with you to get the right options for you. If we can help you, contact any member of our team
to get your rate hold and the mortgage tailored to fit you !
Posted by Joel Ives
on June 24, 2013