Well the mortgage rates have moved up 4 times this month and now stand around 5.8% for 5 year money up from 5.10 - a move of approximately 3/4 of a percent.
What will happen next ? - I suspect the lenders will try to move the rates up to 6% as I have long held lenders do not like lending money under 6%.
The canadian dollar considers to hover around 93-94 cents and rumours persist the bank of canada will raise rates by 1/4 at the end of July - I still question the reasoning since the dollar is slowing our exports and should be cooling the economy - the increasing mortgage rates should serve to slow the housing market and therefore all the subsequent spin off factors.
Time will tell - for now make sure you lock in rates for 120 days especially if you have a mortgage coming due in the next 4 months or are considering a purchase.
PAYOFF your debt - keep liquidity a priority - I believe cash will be king in the next year - dont be one of those people' -big hat no cattle......
greygoose out
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