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Lenders hike fixed rates yet again, bringing them closer to 4.5%

Among national lenders, the average uninsured 5-year fixed rate is now 4.37%, up from 3.92% a month ago, according to data tracked by Rob McLister, rate analyst and editor of Mortgage Logic. The average rate for an insured 5-year fixed mortgage, meaning that with a down payment of less than 20%, is now 4.14%, up from 3.78% a month ago.

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Bank of Canada raises key interest rate

“The Bank of Canada hiked its key interest rate to 0.5 per cent in an effort to “take some steam” out of the economy and tamp down on surging inflation, but economists are warning that high prices will remain a regular part of life for months to come.”

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What is a mortgage pre-approval — and how long does it last?

“To get the best interest rates, you’ll want to be pre-approved by a mortgage specialist who works with multiple lenders . They’ll be able to compare lenders and shop around for the loan terms that best fit your budget.” Not sure about why a pre-approval can make such a difference? Check out this article from the Financial Post:

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Why Ontario Mortgage Rates Have Become Very Low

“With Ontario mortgage rates falling ever since the COVID-19 pandemic hit in March, many people are wondering why. The main reasons for mortgage rates falling across the board are:

1. The Bank of Canada cutting its overnight interest rate,
2. Record low bond yields on Canadian Government bonds, and
3. Added competition among mortgage lenders for business

This trend of low mortgage rates has not only played out in Ontario, with the rest of Canada also seeing record low mortgage rates. This article will explain all three of these reasons in depth, and will give you a better understanding of why mortgage rates are so low.”