Interest Rate Rise Coming

You can't really say that anyone who "predicted" the upcoming interest rate increase had foresight.
I mean, come on, they've been at historically record low levels for how long now? Did anyone really think they were going to go all they way to zero? They had only one direction in which to go! That's like someone "predicting" the stock market would drop while it was at record high levels. It's inevitable in both cases.

The historical average rate for interest has been around 7% so you can see that we've had it pretty darn good for quite awhile and now is the time to lock in your rates with a 5 year term.

In today's Star, they're calling for increases as needed to keep inflation in check.
Same thing in GlobeInvestorGold. 

So, thinking of waiting? Got better things to do?
Thinking of putting off the purchase of your next house?

What's it going to cost you?
Per $100,000 of mortgage,

• @ 3%, your monthly payment is about $473.25
• @ 4%, your monthly payment is about $526.00
• @ 7%, your monthly payment is about $700.42

Now granted, interest rates are highly unlikely to skyrocket over night, but it's definitely within reason to see rates rise to 7% within 5 years. So ask yourself, can your finances handle it if your mortgage payment almost doubles in 5 years?

Call me if you want to know of a few good mortgage brokers. Steven 905-831-9500
Lock in now and sleep well.