As you can see by the above image, the Bank of Canada 5 year fixed rates are adjusted by the performance of the Bank of Canada 5 Year bond yield.
We have had a sudden increase and still increasing from October 1st to the current October 5th (as you can see above) this has caused some of the discounted 5 year fixed rates to rise to 3.39%-3.94%. On a $300,000 mortgage that would be an approximate increase of $24.
When we see rates increasing so drastically, we advise that you hold your rate as soon as possible. If you are interested in holding a mortgage rate over the next 3 months we would be happy to go over your options. Our servcies are free and there is no obligation.
With the next Bank of Canada rate announcement coming on October 24th 2018 with an expected increase, it's a good time to explore your mortgage options.
For any questions get in contact with Mortgage Teacher today!