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Fixed rates on the increase

Blog by Nick Swinburne | November 17th, 2010

A mortgage broker whom I work closely with sent me this update today:

"As I predicted last week, the rising bond yields are finally catching up to us as several lenders have increased fixed rates and others are warning that their rates will increase soon too. If you have anyone sitting on the fence sitters regarding getting pre-approval, you could be there hero by encouraging them to do so today before the other banks also increase their rates."

I'm not sure I can ever call myself a hero for getting people into affordable financing, but her statement rings true - If you are considering a new mortgage or re-financing an existing one, now is a good time to lock it in.