Wow, what a crazy last two weeks. With the increase in rates happening litterally daily, it was a lot of work to get in as many people as possible with a good rate hold!
Rates are still at very low levels, just not under the 3% mark…unless it’s a shorter term. However, keep in mind that any term less than five years or a variable product must qualify at the ‘benchmark rate’ which today is 5.14%. So people that are just getting in on a five year, have no real choice but a five year, which again is not too bad.
If you have a rate held for up to 120 days, please make certain you have the expiry date in mind. If you pass this date and still want to buy, it may have to be at a lesser price. As a .5% rate increase can mean a lot less of an approval on purchase price.
May be an option to ask a mortgage broker to get you in on another rate hold with another lender today, even though the rate is higher. Why? To protect you from even more increases if any come!